Chart USD/CHF Update: Cautious/choppy trade
Little change, as prices extend cautious trade within the 0.8000 - 0.8050 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200/05~ | ** | congestion; 29 Jul YTD high | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8150 | congestion | S2 | 0.7950 | * | 20 Aug (w) low | ||
| R2 | 0.8100 | * | congestion | S3 | 0.7930 | ** | 61.8% ret of May-Jul rally | |
| R1 | 0.8050 | break level | S4 | 0.7900 | * | congestion |
Asterisk denotes strength of level
09:20 BST - Little change, as prices extend cautious trade within the 0.8000 - 0.8050 range. Rising intraday studies and a tick higher in daily stochastics highlight room for a test of resistance at the 0.8050 break level. But the bearish daily Tension Indicator and falling weekly charts should limit any further gains in renewed selling interest/consolidation beneath congestion around 0.8100.
Meanwhile, support remains at congestion around 0.8000. A later break beneath here will add weight to sentiment. But a further close below the 0.7950 weekly low of 20 August will confirm continuation of late-July losses and initially open up the 0.7930 Fibonacci retracement. Beneath here is congestion around 0.7900.