Chart USD/CHF Update: Gains to remain limited
Cautious trade is giving way to a test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9240 | ** | 50% ret of 2022-2023 fall | S1 | 0.9100 | ** | break level | |
| R3 | 0.9224 | ** | 1 May 2024 (y) high | S2 | 0.9050 | * | congestion | |
| R2 | 0.9200 | * | cong, 13 Jan YTD high | S3 | 0.9000 | ** | congestion | |
| R1 | 0.9150 | * | congestion tops | S4 | 0.8965 | ** | 50% ret of Dec-Jan rally |
Asterisk denotes strength of level
14:15 GMT - Cautious trade is giving way to a test higher, as intraday studies improve and oversold daily stochastics turn up, with prices currently pressuring resistance at 0.9150. A break will open up 0.9200, but the bearish daily Tension Indicator and flattening overbought weekly stochastics are expected to prompt renewed selling interest towards here. A break, however, would open up the 0.9224 year high of 1 May 2024. But a further close above the 0.9240 Fibonacci retracement is needed to confirm continuation of December 2023 gains. Meanwhile, support remains at 0.9100. A close beneath here would add weight to sentiment and open up congestion around 0.9050. However, mixed/positive weekly charts are expected to limit any initial break beneath here in renewed buying interest/consolidation above 0.9000.