Chartbook: Chart USD/CHF: Extending choppy trade - studies under pressure

Little change, as prices extend choppy trade around congestion at 0.8000.

Oversold monthly stochastics are edging higher, suggesting room for further consolidation into the coming weeks. But the bearish monthly Tension Indicator is expected to keep prices under pressure and prompt later losses into the coming months.

Support is at the 0.7850 Fibonacci retracement.

A later close beneath here will add weight to sentiment and open up the 0.7710 low of September 2011.

However, negative longer-term charts highlight room for a later break

and continuation of December 2016 losses below 0.7500 towards the 0.7065~ all-time low of August 2011.

Meanwhile, resistance is at the 0.8170 monthly high of 1 August and extends to congestion around 0.8300.

Negative weekly stochastics and the flattening rising weekly Tension Indicator are expected to limit any tests of this range in consolidation/fresh selling interest.

A close above 0.8300, if seen, would turn sentiment cautiously positive and extend gains towards strong resistance at congestion around 0.8500.