Chart EUR/CHF Update: Extending late-September losses
Consolidation around 0.9200 has given way to anticipated selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9350 | * | break level | S1 | 0.9150 | * | break level | |
| R3 | 0.9300 | ** | congestion | S2 | 0.9130 | intraday low | ||
| R2 | 0.9250 | ** | congestion | S3 | 0.9100 | ** | congestion, 76.4% ret | |
| R1 | 0.9200 | ** | congestion | S4 | 0.9050 | ** | break level |
Asterisk denotes strength of level
11:40 GMT - Consolidation around 0.9200 has given way to anticipated selling interest, with prices reaching 0.9130 before bouncing into fresh consolidation above 0.9150. Daily readings are under pressure and broader weekly charts are bearish, highlighting room for further losses in the coming sessions. A fresh break below 0.9150 will add weight to sentiment and extend late-September losses towards strong support at 0.9100. However, weekly stochastics are already flat in oversold areas, suggesting any initial tests could give way to short-covering/consolidation.
Meanwhile, a close back above 0.9200 would help to stabilise price action and prompt consolidation beneath further congestion around 0.9250.