Chart USD/CHF Update: Focus on 0.7900
The anticipated break above 0.7850 has reached 0.7875, where flat overbought intraday studies are prompting short-term reactions
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8040 | ** | Jan-Mar (y) highs | S1 | 0.7850 | * | congestion | |
| R3 | 0.8000 | ** | break level | S2 | 0.7800 | * | congestion | |
| R2 | 0.7950 | * | congestion | S3 | 0.7770 | ** | 61.8% ret of Jan-Mar rally | |
| R1 | 0.7900 | ** | congestion | S4 | 0.7750 | * | congestion |
Asterisk denotes strength of level
09:10 BST - The anticipated break above 0.7850 has reached 0.7875, where flat overbought intraday studies are prompting short-term reactions. Daily stochastics and the daily Tension Indicator are rising, highlighting a positive tone and room for still further gains in the coming sessions. Focus is expected to remain on congestion resistance around 0.7900. But deteriorating weekly charts should limit any initial tests in renewed selling interest/consolidation. Meanwhile, support is raised to congestion around 0.7850. A close beneath here will turn sentiment neutral and prompt consolidation above strong support at the 0.7770 Fibonacci retracement and congestion around 0.7800.