Chart USD/CHF Update: Leaning lower
Little change, as prices extend cautious trade above congestion support at 0.8000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8170 | * | 1 Aug (w) high, 50% ret | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8132 | 11 Aug (w) high | S2 | 0.7900 | congestion | |||
| R2 | 0.8100 | * | congestion | S3 | 0.7872 | ** | 1 Jul YTD low | |
| R1 | 0.8050 | break level | S4 | 0.7850 | ** | 76.4% ret of 2011-2016 rally |
Asterisk denotes strength of level
09:10 BST - Little change, as prices extend cautious trade above congestion support at 0.8000. Daily readings are falling and overbought weekly stochastics are also unwinding, suggesting a deterioration in sentiment and room for further losses. A break beneath here will add weight to sentiment and extend August losses towards congestion around 0.7900. Critical support is at the 0.7850 Fibonacci retracement and the 0.7872 current year low of 1 July. However, already oversold daily stochastics could limit any initial tests of this range in short-covering/consolidation. Meanwhile resistance is at 0.8050 and extends to congestion around 0.8100. This range should cap any immediate tests higher.