Chart USD/CHF Update: Consolidating - studies edging higher
Little change, as prices extend cautious trade within the 0.8050 - 0.8100 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | break level | S1 | 0.8050 | break level | ||
| R3 | 0.8170 | * | 1 Aug (w) high, 50% ret | S2 | 0.8000 | ** | congestion | |
| R2 | 0.8132 | 11 Aug (w) high | S3 | 0.7900 | congestion | |||
| R1 | 0.8100 | * | congestion | S4 | 0.7872 | ** | 1 Jul YTD low |
Asterisk denotes strength of level
09:20 BST - Little change, as prices extend cautious trade within the 0.8050 - 0.8100 range. Oversold daily stochastics are unwinding and the negative daily Tension Indicator is flattening, suggesting potential for a test above congestion resistance at 0.8100 towards the 0.8132 weekly high of 11 August. Rising weekly charts point to potential for continuation beyond here. But a close above critical resistance at 0.8170 is needed to turn sentiment positive and confirm continuation of July gains. Meanwhile, support remains at 0.8050. A break beneath here, if seen, should be limited in renewed buying interest/consolidation above congestion support at 0.8000.