Chart USD/CHF Update: Consolidating recent gains
The sharp run higher has met selling interest just beneath resistance at the 0.8480 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8600 | ** | congestion | S1 | 0.8400 | * | Aug-Sep 2024 range lows | |
| R3 | 0.8550 | congestion | S2 | 0.8300 | ** | congestion | ||
| R2 | 0.8500 | ** | congestion | S3 | 0.8200 | minor congestion | ||
| R1 | 0.8480 | ** | 38.2% ret of Jan-Apr fall | S4 | 0.8100 | minor congestion |
Asterisk denotes strength of level
09:05 BST - The sharp run higher has met selling interest just beneath resistance at the 0.8480 Fibonacci retracement, with negative intraday studies prompting a steady pullback to support at 0.8400. Overbought daily stochastics are also unwinding, suggesting potential for a test beneath here. But the rising daily Tension Indicator and improving weekly charts are expected to limit scope in renewed buying interest above further congestion around 0.8300. Following cautious trade, fresh gains are looked for. But a close above 0.8480 is needed to turn sentiment positive and extend April gains beyond congestion around 0.8500 towards further congestion around 0.8550.