Chart EUR/CHF Update: Pressuring strong resistance at 0.9180/85
Consolidation has given way to anticipated gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9275 | * | Dec-Jan range lows, break level | S1 | 0.9150 | ** | break level | |
| R3 | 0.9235 | * | 61.8% ret of Dec-Mar fall | S2 | 0.9100 | ** | break level | |
| R2 | 0.9200 | ** | break level | S3 | 0.9050 | break level | ||
| R1 | 0.9180/85 | ** | congestion; 50% ret | S4 | 0.9000 | ** | psychological |
Asterisk denotes strength of level
10:40 GMT - Consolidation has given way to anticipated gains, with March gains currently pressuring strong resistance at congestion around 0.9180 and the 0.9180 Fibonacci retracement. Daily stochastics are flattening in overbought areas, suggesting potential for consolidation around here, before the rising daily Tension Indicator and positive weekly charts extend gains still further. A close above here will improve sentiment and open up 0.9200. Continuation towards the 0.9235 retracement cannot be ruled out. Meanwhile, support remains at 0.9150. A close back beneath here, if seen, will help to stabilise price action and prompt fresh consolidation above 0.9100.