Chart USD/CHF Update: Consolidating losses - studies under pressure
Little change, as prices extend consolidation following the test of congestion support at 0.7800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8000 | * | break level | S1 | 0.7800 | * | congestion | |
| R3 | 0.7950 | * | congestion | S2 | 0.7770 | ** | 61.8% ret of Jan-Mar rally | |
| R2 | 0.7900 | ** | congestion | S3 | 0.7750 | * | congestion | |
| R1 | 0.7850 | * | congestion | S4 | 0.7700/10 | ** | congestion; 76.4% ret |
Asterisk denotes strength of level
09:20 BST - Little change, as prices extend consolidation following the test of congestion support at 0.7800. Rising intraday studies and a tick higher in oversold daily stochastics highlight room for a minor bounce. But the negative daily Tension Indicator and bearish weekly charts should limit scope in renewed selling interest towards congestion resistance at 0.780. Following cautious/corrective trade, fresh losses are looked for. A close below 0.7800 will add weight to sentiment and extend late-March losses below the 0.7770 Fibonacci retracement towards congestion around 0.7750. Still lower is 0.7700/10, where more significant short-covering/consolidation could develop.