Chart EUR/CHF Update: Consolidating - any gains to remain limited
Little change, as prices extend cautious trade within the 0.9275 - 0.9300 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | break level | S1 | 0.9275 | 21 Nov low | |||
| R3 | 0.9350 | ** | congestion | S2 | 0.9260 | * | 61.8% ret of Nov-Dec rally | |
| R2 | 0.9325 | congestion | S3 | 0.9230 | ** | 76.4% ret of Nov-Dec rally | ||
| R1 | 0.9300 | ** | congestion | S4 | 0.9210/12 | ** | Apr-Oct lows |
Asterisk denotes strength of level
10:50 GMT - Little change, as prices extend cautious trade within the 0.9275 - 0.9300 range. Intraday studies are mixed/positive and oversold daily stochastics are ticking higher, suggesting potential for a test above congestion resistance at 0.9300. But the bearish daily Tension Indicator and deteriorating weekly charts are expected to limit initial scope in renewed selling interest beneath 0.9325. Following cautious trade, fresh losses are looked for. A later break support at the 0.9275 low of 21 November will open up the 0.9260 Fibonacci retracement. But already oversold daily stochastics could limit any initial tests in consolidation, before bearish weekly charts extend December losses towards the 0.9230 retracement.