Chart USD/CHF Update: Limited tests higher
The anticipated break below congestion support at 0.9050 has bounced from 0.9030
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9224 | ** | 1 May 2024 (y) high | S1 | 0.9050 | * | congestion | |
| R3 | 0.9200 | * | cong, 13 Jan YTD high | S2 | 0.9000 | ** | congestion | |
| R2 | 0.9150 | * | congestion tops | S3 | 0.8965 | ** | 50% ret of Dec-Jan rally | |
| R1 | 0.9100 | ** | break level | S4 | 0.8900/10 | ** | congestion; 61.8% ret |
Asterisk denotes strength of level
08:50 GMT - The anticipated break below congestion support at 0.9050 has bounced from 0.9030, as intraday studies turn higher, with prices once again trading above 0.9050. Oversold daily stochastics are also turning up, suggesting potential for a test of resistance at 0.9100. But the bearish daily Tension Indicator and unwinding overbought weekly stochastics are expected to limit any break in renewed selling interest beneath 0.9150. Following corrective trade, fresh losses are looked for. A close below 0.9050 will add weight to sentiment and extend January losses towards congestion around 0.9000. Beneath here is the 0.8965 Fibonacci retracement.