Published: 2024-11-06T09:28:28.000Z
Chart USD/CHF Update: Sharp reversal higher - strong resistance at 0.8800
Senior Technical Strategist
1
Cautious trade has given way to a sharp break higher to the 0.8748 weekly high of 15 August
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9000/20 | ** | congestion; 76.4% ret | S1 | 0.8650 | * | break level | |
| R3 | 0.8900 | ** | 61.8% ret of May-Sep fall | S2 | 0.8600 | ** | congestion | |
| R2 | 0.8800 | ** | break level, 50% ret | S3 | 0.8550 | * | congestion | |
| R1 | 0.8748 | ** | 15 Aug (w) high | S4 | 0.8529 | 8 Oct (w) low |
Asterisk denotes strength of level
09:10 GMT - Cautious trade has given way to a sharp break higher to the 0.8748 weekly high of 15 August, where fresh consolidation is developing. Intraday studies are positive and bearish daily readings are flattening, suggesting an improvement in sentiment and room for further strength in the coming sessions. A close above here will turn sentiment outright positive and extend September gains initially towards the 0.8800 Fibonacci retracement. Meanwhile, support is raised to 0.8650 and extends to congestion around 0.8600. An unexpected break back into here will turn sentiment neutral and prompt fresh consolidation.