Chart USD/CHF Update: Choppy above 2025 year low - studies under pressure
The break above 0.8200 has been pushed back from 0.8235~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8332 | ** | 28 Dec 2023 (y) low | S1 | 0.8098 | ** | 11 Apr YTD low | |
| R3 | 0.8300 | ** | cong, Jan 2015 (y) low | S2 | 0.8000 | ** | figure | |
| R2 | 0.8268 | 14 Apr high | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R1 | 0.8200 | minor congestion | S4 | 0.7710~ | ** | September 2011 (m) low |
Asterisk denotes strength of level
09:05 BST - The break above 0.8200 has been pushed back from 0.8235~, as overbought intraday studies unwind, with prices currently trading around 0.8150. Oversold daily stochastics are edging higher, suggesting potential for a fresh test of 0.8200. But the negative daily Tension Indicator and bearish weekly charts are expected to limit any fresh break in renewed selling interest beneath the 0.8268 high of 14 April. In the coming sessions, cautious/choppy trade is expected to give way to further losses. Support is at the 0.8098 current year low of 11 April. A close beneath here will add weight to sentiment and open up historic congestion around 0.8000. Further selling pressure will extend multi-year losses towards the 0.7850 Fibonacci retracement.