Chart EUR/CHF Update: Leaning lower in range
The test above congestion resistance at 0.9400 has met anticipated selling interest beneath the 0.9435 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9555 | ** | 76.4% ret of Mar-Apr fall | S1 | 0.9350 | ** | congestion | |
| R3 | 0.9490/00 | ** | 61.8% ret; congestion | S2 | 0.9300 | ** | congestion | |
| R2 | 0.9435 | * | 50% ret of Mar-Apr fall | S3 | 0.9260 | break level | ||
| R1 | 0.9400 | * | congestion | S4 | 0.9212 | ** | 11 Apr YTD low |
Asterisk denotes strength of level
09:10 BST - The test above congestion resistance at 0.9400 has met anticipated selling interest beneath the 0.9435 Fibonacci retracement, with prices settling back into consolidation beneath 0.9400. Intraday studies are turning down and overbought daily stochastics are flattening, suggesting potential for a pullback towards congestion support at 0.9350. But the rising daily Tension Indicator is expected to limit any initial tests in consolidation, before deteriorating weekly charts extend losses still further. Meanwhile, resistance within the 0.9400/35 range should cap any immediate retests higher.