Chart EUR/CHF Update: Sharp bounce back into range
The test of congestion support at 0.9180 has given way to a sharp bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9300 | ** | congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9267 | ** | 31 Mar (m) high | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9250 | ** | congestion | S3 | 0.9150 | ** | congestion | |
| R1 | 0.9230 | congestion | S4 | 0.9120 | intraday break level |
Asterisk denotes strength of level
10:45 BST - The test of congestion support at 0.9180 has given way to a sharp bounce, with the break above 0.9200 turning sentiment neutral and giving way to consolidation around 0.9215. Rising intraday studies highlight room for a test of congestion resistance at 0.9230. Just higher is further congestion around 0.9250. But negative daily readings should limit any initial tests of this range in consolidation, before positive weekly charts prompt further gains. A close above the 0.9267 monthly high of 31 March would turn sentiment positive and confirm continuation of March gains. Meanwhile, a close below 0.9180, if seen, would add weight to sentiment and prompt a deeper retracement towards 0.9150.