Chart USD/CHF Update: Minor pullback
The test above resistance at the 0.8100 break level has been pushed back from 0.8125
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | break level | S1 | 0.8050 | break level | ||
| R3 | 0.8170~ | ** | 1 Aug (m) range high | S2 | 0.8000 | ** | congestion | |
| R2 | 0.8155 | ** | 50% ret of May-Sep fall | S3 | 0.7950 | * | recent lows | |
| R1 | 0.8100 | ** | break level | S4 | 0.7900 | congestion |
Asterisk denotes strength of level
09:15 GMT - The test above resistance at the 0.8100 break level has been pushed back from 0.8125, as intraday studies turn down, with prices currently trading around 0.8085. Overbought daily stochastics are ticking lower, suggesting room for continuation down to support at 0.8050. But the rising daily Tension Indicator and positive weekly charts should limit any initial tests in consolidation. Following cautious trade, fresh gains are looked for. A fresh break above 0.8100 will improve sentiment and extend mid-September gains towards strong resistance within the 0.8155 Fibonacci retracement and the 0.8170~ monthly range high of 1 August. Already overbought daily stochastics could limit any initial tests of this range in consolidation. Meanwhile, a close below 0.8050 will add weight to sentiment and extend losses towards congestion support around 0.8000.