Chart USD/CHF Update: Consolidating - daily studies rising
Little change, as overbought intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8250 | congestion | S1 | 0.7900 | congestion | |||
| R3 | 0.8200 | * | congestion | S2 | 0.7870~ | ** | 1 Jul YTD low | |
| R2 | 0.8100 | congestion | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R1 | 0.8000 | ** | congestion | S4 | 0.7800 | figure |
Asterisk denotes strength of level
09:10 BST - Little change, as overbought intraday studies keep near-term sentiment cautious and prompt further consolidation beneath congestion resistance at 0.8000. Daily stochastics have turned higher once again and the daily Tension Indicator continues to rise, highlighting room for a test of 0.8000. A break above here will improve sentiment and open up 0.8100. But negative weekly charts should prompt renewed selling interest towards here. Meanwhile, support remains at congestion around 0.7900. A break, not yet seen, will turn sentiment negative and post fresh year lows towards critical support at the 0.7850 Fibonacci retracement.