Chart EUR/CHF Update: Range extension
The test of support at 0.9200 is giving way to a minor bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9330 | * | range highs | S1 | 0.9200 | ** | break level | |
| R3 | 0.9300 | ** | congestion | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9267 | ** | 31 Mar (m) high | S3 | 0.9150 | ** | congestion | |
| R1 | 0.9230 | congestion | S4 | 0.9100 | * | congestion |
Asterisk denotes strength of level
10:40 BST - The test of support at 0.9200 is giving way to a minor bounce, as oversold intraday studies unwind, with prices once again balanced in cautious trade within the 0.9200 - 0.9230 range. Falling daily stochastics are now oversold, suggesting room for further range extension. The bearish daily Tension Indicator suggests potential for a later test below 0.9200. But positive weekly charts and improving longer-term readings should limit scope in renewed buying interest/consolidation above congestion support at 0.9180. Meanwhile, a close above congestion resistance at 0.9230 would improve sentiment and open up a test of critical resistance at the 0.9267 monthly high of 31 March.