Chart EUR/CHF Update: Extending late-May gains
Cautious trade is giving way to fresh gains, with the break above 0.9200 improving sentiment and putting focus on congestion resistance at 0.9230
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9300 | ** | congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9267 | ** | 31 Mar (m) high | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9250 | ** | congestion | S3 | 0.9150 | ** | congestion | |
| R1 | 0.9230 | congestion | S4 | 0.9120 | intraday break level |
Asterisk denotes strength of level
11:25 BST - Cautious trade is giving way to fresh gains, with the break above 0.9200 improving sentiment and putting focus on congestion resistance at 0.9230. Mixed intraday studies could limit any initial tests in consolidation, before rising daily readings and improving weekly charts prompt further tests higher. A break above 0.9230 will open up congestion around 0.9250. But already overbought daily stochastics should limit any initial tests above here in consolidation beneath the 0.9267 monthly high of 31 March. Meanwhile, support is at 0.9200 and extends to congestion around 0.9180. A close beneath here, if seen, will help to stabilise price action and prompt consolidation above further congestion around 0.9150.