Published: 01/04/25 at 08:08 UTC
Chart USD/CHF Update: Consolidating - daily studies edging higher
Senior Technical Strategist
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The test of resistance at 0.8850 is giving way to anticipated consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9035 | ** | 28 Feb (w) high | S1 | 0.8800 | ** | congestion | |
| R3 | 0.9000 | ** | congestion | S2 | 0.8757 | ** | 10 Mar YTD low | |
| R2 | 0.8900 | ** | break level | S3 | 0.8727 | ** | 6 Dec (m) low | |
| R1 | 0.8850 | * | recent highs | S4 | 0.8690 | ** | 61.8% ret of Sep-Jan rally |
Asterisk denotes strength of level
08:55 BST - The test of resistance at 0.8850 is giving way to anticipated consolidation, as overbought intraday studies unwind, with prices currently trading around 0.8825. Daily readings have ticked higher, suggesting room for a test above here. But negative weekly charts are expected to limit March gains in renewed selling interest towards stronger resistance at 0.8900. Meanwhile, support is at congestion around 0.8800. But a close below the 0.8757 current year low of 10 March is needed to turn sentiment negative and confirm continuation of January losses.