Chart EUR/CHF Update: Consolidating - studies improving
The break below 0.9200 has bounced from congestion support at 0.9180
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9295/00 | ** | 76.4% ret; congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9275 | * | Dec-Jan range lows, break level | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9267 | 31 Mar (m) high | S3 | 0.9150 | ** | break level | ||
| R1 | 0.9235 | * | 61.8% ret of Dec-Mar fall | S4 | 0.9100 | ** | break level |
Asterisk denotes strength of level
11:05 BST - The break below 0.9200 has bounced from congestion support at 0.9180, as intraday stochastics turn higher, with prices currently trading around 0.9220. Mixed daily readings are showing signs of improvement and broader weekly charts continue to rise, highlighting room for fresh gains in the coming sessions towards resistance at the 0.9235 Fibonacci retracement. A close above here is needed to improve sentiment and extend March gains beyond the 0.9267 monthly high of 31 March initially towards 0.9275. Meanwhile, support remains within 0.9180/00. A close beneath here, if seen, will open up support at the 0.9150 break level, where renewed buying interest is expected to appear.