Chart EUR/CHF Update: Consolidating gains - background studies improving
The anticipated break above 0.9300 has reached 0.9330
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | figure | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9395/00 | ** | 8 Dec (m) high; cong | S2 | 0.9267 | ** | 31 Mar (m) high | |
| R2 | 0.9368 | 16 Dec (w) high | S3 | 0.9230 | congestion | |||
| R1 | 0.9350 | * | break level, 14 Jan YTD high | S4 | 0.9200 | ** | break level |
Asterisk denotes strength of level
11:05 BST - The anticipated break above 0.9300 has reached 0.9330, where mixed intraday studies are prompting a minor pullback to 0.9315. Daily stochastics are under pressure and the positive daily Tension Indicator is flattening, suggesting room for consolidation before rising weekly charts prompt further gains. A later break above strong resistance at 0.9350 will improve sentiment and extend March gains towards strong resistance at the 0.9395 monthly high of 8 December and congestion around 0.9400. Meanwhile, any fresh tests below congestion support at 0.9300 should be limited in renewed buying interest/consolidation above the 0.9267 monthly high of 31 March.