Published: 2025-01-24T10:19:43.000Z
Chart EUR/CHF Update: Extending December gains in EUR-driven trade
Senior Technical Strategist
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Cautious trade has given way to the anticipated break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9581 | ** | 15 Aug (m) high | S1 | 0.9450 | * | break level | |
| R3 | 0.9555 | ** | 61.8% ret of Jul-Nov fall | S2 | 0.9400 | ** | congestion | |
| R2 | 0.9500 | ** | break level | S3 | 0.9350 | * | congestion | |
| R1 | 0.9485 | ** | 50% ret of Jul-Nov fall | S4 | 0.9300 | * | congestion |
Asterisk denotes strength of level
10:10 GMT - Cautious trade has given way to the anticipated break higher, with prices currently pressuring resistance at the 0.9485 Fibonacci retracement. Intraday studies have turned positive and the daily Tension Indicator continues to strengthen, highlighting room for continuation of December gains towards 0.9500. However, flat overbought daily stochastics could limit any initial tests in consolidation, before rising weekly charts prompt a break and open up the 0.9555 retracement. Meanwhile, a close below 0.9450, if seen, will turn sentiment neutral and prompt consolidation above 0.9400.