Chart EUR/CHF Update: Range extension
The test of critical support at the 0.9090 current year low of 19 February and congestion around 0.9100 is giving way to anticipated buying interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9218 | * | 2 Feb (w) high | S1 | 0.9090/00 | ** | 19 Feb YTD low; cong | |
| R3 | 0.9200 | * | congestion | S2 | 0.9000 | ** | psychological | |
| R2 | 0.9180 | minor congestion | S3 | 0.8900 | * | figure | ||
| R1 | 0.9150 | ** | range lows | S4 | 0.8800 | * | figure |
Asterisk denotes strength of level
11:05 GMT - The test of critical support at the 0.9090 current year low of 19 February and congestion around 0.9100 is giving way to anticipated buying interest, as oversold intraday studies unwind, with steady currently trading around 0.9130. Daily stochastics are flat in overbought areas, and the positive daily Tension Indicator is showing early signs of flattening, suggesting any further gains should be limited in renewed selling interest towards resistance at 0.9150. In the coming sessions, further range is looked for, before deteriorating longer-term charts prompt a break below 0.9090/00 and extend long-term bear trends towards psychological support at 0.9000.