Chart EUR/CHF Update: Limited tests higher
The anticipated test of congestion resistance at 0.9350 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9490/00 | ** | 61.8% ret; congestion | S1 | 0.9315 | * | 28 Aug (w) low | |
| R3 | 0.9435 | * | 50% ret of Mar-Apr fall | S2 | 0.9300 | ** | congestion | |
| R2 | 0.9400 | ** | congestion | S3 | 0.9260 | break level | ||
| R1 | 0.9350 | ** | congestion | S4 | 0.9212 | ** | 11 Apr YTD low |
Asterisk denotes strength of level
11:00 BST - The anticipated test of congestion resistance at 0.9350 is giving way to consolidation, as overbought intraday studies turn down. Oversold daily stochastics are edging higher and the bearish daily Tension Indicator is flattening, highlighting an improvement in price action and room for a break above here. Focus will then turn to further congestion around 0.9400, where negative weekly charts are expected to prompt fresh selling interest. Following corrective/choppy trade, fresh losses are looked for. A later close below support at the 0.9315 weekly low of 28 August and congestion around 0.9300 will add weight to sentiment and extend mid-August losses towards 0.9260.