Chart USD/CHF Update: Lower in both USD- and CHF-driven trade
Consolidation around 0.8100 has given way to a sharp pullback in both USD- and CHF-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8150 | congestion | S1 | 0.7930 | ** | 61.8% ret of May-Jul rally | ||
| R3 | 0.8100 | * | congestion | S2 | 0.7900 | * | congestion | |
| R2 | 0.8050 | break level | S3 | 0.7865 | ** | 76.4% ret of May-Jul rally | ||
| R1 | 0.8000 | ** | congestion | S4 | 0.7800 | ** | congestion |
Asterisk denotes strength of level
09:30 BST - Consolidation around 0.8100 has given way to a sharp pullback in both USD- and CHF-driven trade, with prices currently balanced around 0.7980. Daily readings have turned down and broader weekly charts are also under pressure, highlighting room for further losses in the coming sessions. Focus is turning to the 0.7930 Fibonacci retracement. Any initial tests could give way to consolidation, as daily stochastics become oversold, before a further break extends late-July losses below congestion around 0.7900 towards the 0.7865 retracement.
Meanwhile, resistance is lowered to congestion around 0.8000. A close above here, if seen, would help to stabilise sentiment and prompt consolidation beneath 0.8050.