Chart USD/CHF Update: Balanced above critical support at 0.7830~/50
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8050 | break level | S1 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R3 | 0.8000 | ** | congestion | S2 | 0.7830~ | ** | 17 Sep YTD low | |
| R2 | 0.7950 | * | congestion | S3 | 0.7800 | figure | ||
| R1 | 0.7900 | * | congestion | S4 | 0.7710 | ** | September 2011 low |
Asterisk denotes strength of level
10:10 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend choppy trade beneath congestion resistance at 0.7900. Oversold daily stochastics are edging higher, suggesting room for a test above here. But the negative daily Tension Indicator and bearish weekly charts are expected to limit scope in renewed selling interest towards further congestion around 0.7950. Following cautious trade, fresh losses are looked for. Critical support is at the 0.7850 Fibonacci retracement and the 0.7830~ current year low of 17 September. A close beneath here will add weight to sentiment and extend long-term losses towards 0.7800.