Chart USD/CHF Update: Consolidating gains - studies rising
The anticipated break above 0.8050 has reached 0.8075
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | congestion | S1 | 0.8050 | break level | ||
| R3 | 0.8170~ | ** | 1 Aug YTD high | S2 | 0.8000 | ** | congestion | |
| R2 | 0.8100 | * | congestion | S3 | 0.7950 | * | recent lows | |
| R1 | 0.8075 | 9 Oct high | S4 | 0.7900 | congestion |
Asterisk denotes strength of level
09:20 BST - The anticipated break above 0.8050 has reached 0.8075, where unwinding overbought intraday studies are prompting profit-taking and a pullback to 0.8050. Overbought daily stochastics are also flattening, suggesting room for a test beneath here. But the rising daily Tension Indicator and positive weekly charts are expected to limit losses in renewed buying interest towards congestion support at 0.8000. Following cautious trade, fresh gains are looked for. A break above congestion resistance at 0.8100 will target critical resistance at the 0.8170~ current year high of 1 August. But by-then overbought daily stochastics could prompt renewed profit-taking towards here.