Chart EUR/CHF Update: Choppy trade - background studies under pressure
Little change, as prices extend cautious/choppy trade around 0.9280 following the anticipated test below 0.9275
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9400 | ** | congestion | S1 | 0.9275 | * | congestion lows | |
| R3 | 0.9350 | ** | congestion | S2 | 0.9250 | 21 Jan low | ||
| R2 | 0.9325 | congestion | S3 | 0.9230 | ** | 76.4% ret of Nov-Dec rally | ||
| R1 | 0.9300 | ** | congestion | S4 | 0.9210/12 | ** | Apr-Oct (y) lows |
Asterisk denotes strength of level
11:05 GMT - Little change, as prices extend cautious/choppy trade around 0.9280 following the anticipated test below 0.9275. Intraday studies are under pressure, highlighting potential for a retest beneath here. But mixed daily readings are expected to limit scope in consolidation above the 0.9250 low of 21 January, before deteriorating weekly charts prompt further losses towards the 0.9230 Fibonacci retracement. By-then oversold daily stochastics could promote short-covering/consolidation. Meanwhile, resistance remains at congestion around 0.9300. A break above here, if seen, is expected to give way to consolidation beneath further congestion around 0.9325.