Published: 2024-11-20T10:18:57.000Z
Chart EUR/CHF Update: Limited scope above 0.9350
Senior Technical Strategist
1
Cautious trade above congestion support at 0.9300 has given way to a bounce to 0.9350
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | congestion | S1 | 0.9300 | * | congestion | |
| R3 | 0.9445/50 | * | 1 Nov (w) high; break level | S2 | 0.9200/10 | ** | figure; 5 Aug all-time low | |
| R2 | 0.9400 | ** | congestion | S3 | 0.9150 | figure | ||
| R1 | 0.9350 | * | congestion | S4 | 0.9100 | figure |
Asterisk denotes strength of level
10:00 GMT - Cautious trade above congestion support at 0.9300 has given way to a bounce to 0.9350, where now-overbought intraday studies are prompting consolidation. Oversold daily stochastics and the bearish daily Tension Indicator are flattening, suggesting potential for a test above here. But negative weekly charts should limit scope in renewed selling interest beneath further congestion around 0.9400. Following cautious trade, fresh losses are looked for. But a close below 0.9300 is needed to turn sentiment negative and open up a test of critical support at 0.9200 and the 0.9210 all-time low of 5 August.