Chart USD/CHF Update: Room for a minor pullback
Cautious trade within the 0.8050 - 0.8100 range is giving way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | break level | S1 | 0.8050 | break level | ||
| R3 | 0.8170~ | ** | 1 Aug (m) high | S2 | 0.8000 | ** | congestion | |
| R2 | 0.8155 | ** | 50% ret of May-Sep fall | S3 | 0.7950 | * | congestion | |
| R1 | 0.8100 | ** | break level | S4 | 0.7900 | * | congestion |
Asterisk denotes strength of level
09:20 GMT - Cautious trade within the 0.8050 - 0.8100 range is giving way to a drift lower, as intraday studies turn down, with prices currently pressuring support at the 0.8050 break level. Rising daily readings are showing early signs of flattening and overbought weekly stochastics are unwinding, suggesting room for a test lower in the coming sessions. A break below 0.8050 will open up congestion support at 0.8000. But the positive weekly Tension Indicator could limit any initial tests in fresh consolidation. Meanwhile, a close above 0.8100, not yet seen, would improve sentiment and extend mid-September gains towards the 0.8155 Fibonacci retracement. However, mixed weekly charts are expected to limit any initial tests in consolidation.