Chart EUR/CHF Update: Under pressure
Cautious trade has given way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9200 | ** | break level | S1 | 0.9125 | ** | 50% ret of March rally | |
| R3 | 0.9180 | ** | congestion | S2 | 0.9100 | ** | congestion | |
| R2 | 0.9150 | ** | congestion | S3 | 0.9090 | ** | 61.8% ret of March rally | |
| R1 | 0.9133 | * | 18 May low | S4 | 0.9050 | ** | congestion, 76.4% ret |
Asterisk denotes strength of level
11:00 BST - Cautious trade has given way to anticipated losses, with prices currently pressuring support at the 0.9125 Fibonacci retracement. Daily readings have turned down and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close below 0.9125 will add weight to sentiment and extend late-March losses initially to strong support within 0.9090 - 0.9100. Continuation down to 0.9050 cannot be ruled out. Meanwhile, resistance is lowered to the 0.9133 low of 18 May and extends to congestion around 0.9150. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.9180.