Chart EUR/CHF Update: Consolidating March gains - studies rising
The pullback from resistance at 0.9200 has reached 0.9155
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9275 | * | Dec-Jan range lows, break level | S1 | 0.9150 | ** | break level | |
| R3 | 0.9235 | * | 61.8% ret of Dec-Mar fall | S2 | 0.9100 | ** | break level | |
| R2 | 0.9200 | ** | break level | S3 | 0.9050 | break level | ||
| R1 | 0.9180 | ** | congestion | S4 | 0.9025 | congestion lows |
Asterisk denotes strength of level
10:50 BST - The pullback from resistance at 0.9200 has reached 0.9155, where unwinding oversold intraday studies are prompting a bounce back to congestion resistance at 0.9180. Beyond here is 0.9200. But a tick lower in overbought daily stochastics is expected to limit any initial tests of this range in consolidation, before the rising daily Tension Indicator and positive weekly charts prompt further gains. A close above 0.9200 will improve sentiment and extend March gains towards the 0.9235 Fibonacci retracement. Negative longer-term charts could prompt more significant profit-taking/consolidation towards here. Meanwhile, a close below support at 0.9150, if seen, will add weight to sentiment and prompt a deeper reaction towards 0.9100.