Chart EUR/CHF Update: Consolidating losses - background studies under pressure
Anticipated losses have reached congestion support at 0.9100
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9200 | ** | break level | S1 | 0.9100 | ** | congestion | |
| R3 | 0.9180 | ** | congestion | S2 | 0.9090 | ** | 61.8% ret of March rally | |
| R2 | 0.9150 | ** | congestion | S3 | 0.9050 | ** | congestion, 76.4% ret | |
| R1 | 0.9133 | * | 18 May low | S4 | 0.9030 | congestion |
Asterisk denotes strength of level
10:35 BST - Anticipated losses have reached congestion support at 0.9100, where rising intraday studies and a tick higher in oversold daily stochastics are prompting a bounce. Immediate focus is on the 0.9133 low of 18 May. But the negative daily Tension Indicator and bearish weekly charts should limit any tests above here in renewed selling interest towards congestion resistance at 0.9150. A close above here, however, will give way to consolidation beneath 0.9180. Following cautious trade, fresh losses are looked for. However, a close below the 0.9090 Fibonacci retracement is needed to turn sentiment negative and extend late-March losses towards 0.9050.