Chart USD/CHF Update: Cautious trade
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8240 | ** | 61.8% ret of May-Jul fall | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8200 | ** | congestion | S2 | 0.7900 | congestion | ||
| R2 | 0.8170 | * | 50% ret of May-Jul fall | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | |
| R1 | 0.8100 | * | congestion | S4 | 0.7800 | figure |
Asterisk denotes strength of level
09:20 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend choppy trade just beneath congestion resistance at 0.8100. Negative daily stochastics are flattening, suggesting potential for a test above here. But the flattening daily Tension Indicator is expected to limit initial scope in renewed selling interest beneath the 0.8170 Fibonacci retracement. Broader weekly charts are rising. But a close above here is needed to turn sentiment positive and confirm continuation of July gains. Meanwhile, support is at congestion around 0.8000. A break beneath here, if seen, will open up further congestion around 0.7900, where rising weekly charts should prompt fresh buying interest.