Published: 2025-01-06T09:23:18.000Z
Chart USD/CHF Update: Leaning lower
Senior Technical Strategist
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Cautious trade around 0.9100 is giving way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9224 | * | 1 May 2024 (y) high | S1 | 0.9050 | * | congestion | |
| R3 | 0.9150 | * | congestion tops | S2 | 0.9000 | ** | congestion | |
| R2 | 0.9136 | ** | 2 Jan (w) high | S3 | 0.8950 | * | congestion | |
| R1 | 0.9100 | ** | break level | S4 | 0.8900 | * | congestion |
Asterisk denotes strength of level
09:10 GMT - Cautious trade around 0.9100 is giving way to a pullback, as intraday studies turn down, with prices approaching congestion support at 0.9050. Daily stochastics are also turning down, unwinding negative divergence, and the positive daily Tension Indicator is flattening, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 0.9050 will add weight to sentiment and open up further congestion around 0.9000. Meanwhile, a break back above 0.9100, if seen, should meet renewed profit-taking towards the 0.9136 weekly high of 2 January.