Chart EUR/CHF Update: Room for higher
Cautious trade, as flat overbought daily stochastics prompt consolidation beneath congestion resistance at 0.9350
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9550 | * | congestion | S1 | 0.9350 | ** | congestion | |
| R3 | 0.9500 | ** | break level | S2 | 0.9325 | congestion | ||
| R2 | 0.9445/50~~ | ** | Apr-Aug range high | S3 | 0.9300 | ** | congestion | |
| R1 | 0.9400 | ** | break level | S4 | 0.9250 | break level |
Asterisk denotes strength of level
10:55 GMT - Cautious trade, as flat overbought daily stochastics prompt consolidation beneath congestion resistance at 0.9350. The daily Tension Indicator is rising and broader weekly charts are positive, highlighting room for further gains in the coming sessions. A break above 0.9350 will extend mid-November gains towards critical resistance at the 0.9445/50~ range highs from April-August. But already overbought daily stochastics could limit any initial tests in consolidation. Meanwhile, support is raised to congestion around 0.9350 and extends to 0.9325. This range should underpin any immediate setbacks.