Chart USD/CHF Update: Consolidating - room for lower
Little change, as prices extend cautious/choppy trade around congestion support at 0.8150
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8350 | * | break level | S1 | 0.8150 | congestion | ||
| R3 | 0.8300 | * | congestion lows | S2 | 0.8120 | ** | 61.8% ret of Aug-Oct rally | |
| R2 | 0.8250 | congestion | S3 | 0.8100 | ** | congestion | ||
| R1 | 0.8200 | * | congestion | S4 | 0.8055 | ** | 76.4% ret of Aug-Oct rally |
Asterisk denotes strength of level
09:05 GMT - Little change, as prices extend cautious/choppy trade around congestion support at 0.8150. Daily readings are falling and broader weekly charts are also under pressure, highlighting a bearish tone and room for deeper losses in the coming sessions. A close below 0.8150 will add fresh weight to sentiment and extend losses from the 0.8395 current year high of 14 October initially to the 0.8120 Fibonacci retracement. Beneath here is congestion around 0.8100.
Meanwhile, resistance remains at congestion around 0.8200. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 0.8250.