Chart EUR/CHF Update: Limited tests higher
Consolidation above critical support at 0.8980/00 has given way to a bounce to 0.9050
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9180 | minor congestion | S1 | 0.9000 | ** | psychological | ||
| R3 | 0.9150 | ** | break level | S2 | 0.8980 | ** | 9 Mar YTD low | |
| R2 | 0.9100 | ** | break level | S3 | 0.8950 | * | figure | |
| R1 | 0.9050 | break level | S4 | 0.8900 | * | figure |
Asterisk denotes strength of level
10:55 GMT - Consolidation above critical support at 0.8980/00 has given way to a bounce to 0.9050, where flat overbought intraday studies are prompting short-term reactions. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is flattening, suggesting room for a test above here. But negative weekly charts and bearish longer-term readings should limit scope in renewed selling interest towards 0.9100. Following cautious/corrective trade, fresh losses are looked for. However, a close below the 0.8980 current year low of 9 March and 0.9000 is needed to turn sentiment negative and extend long-term bear trends initially to 0.8950.