Chart EUR/CHF Update: Consolidating recent gains
Anticipated tests higher have met selling interest at congestion resistance at 0.9250
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9345/50 | ** | 61.8% ret; congestion | S1 | 0.9200 | ** | congestion | |
| R3 | 0.9300/05 | ** | congestion; 50% ret | S2 | 0.9150 | * | break level | |
| R2 | 0.9260 | ** | 38.2% ret of Sep-Nov fall | S3 | 0.9125 | * | 9 Nov low | |
| R1 | 0.9250 | ** | congestion | S4 | 0.9100 | ** | congestion, 76.4% ret |
Asterisk denotes strength of level
11:10 GMT - Anticipated tests higher have met selling interest at congestion resistance at 0.9250, with prices currently trading around 0.9225. Intraday studies are under pressure and overbought daily stochastics are ticking lower, suggesting room for a drift lower towards congestion support at 0.9200. But the rising daily Tension Indicator and mixed weekly charts should limit any tests in fresh consolidation. A close beneath here, however, will add weight to sentiment and prompt a deeper retracement towards 0.9150.
Meanwhile, resistance remains at 0.9250 and extends to the 0.9260 Fibonacci retracement. This range should cap any immediate tests higher.