Published: 2025-05-12T10:32:25.000Z
Chart EUR/CHF Update: Edging higher
Senior Technical Strategist
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Cautious trade is giving way to a drift higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9555 | ** | 76.4% ret of Mar-Apr fall | S1 | 0.9350 | ** | congestion | |
| R3 | 0.9490/00 | ** | 61.8% ret; congestion | S2 | 0.9300 | ** | congestion | |
| R2 | 0.9435 | * | 50% ret of Mar-Apr fall | S3 | 0.9260 | break level | ||
| R1 | 0.9400 | * | congestion | S4 | 0.9212 | ** | 11 Apr YTD low |
Asterisk denotes strength of level
11:15 BST - Cautious trade is giving way to a drift higher, with focus on congestion resistance at 0.9400. Overbought intraday studies are flattening, suggesting any initial tests could give way to consolidation. But daily readings are positive, suggesting room for a later break and continuation of April gains towards the 0.9435 Fibonacci retracement. Meanwhile, support is raised to congestion around 0.9350. A close back beneath here, if seen, will turn sentiment neutral and give way to consolidation above further congestion around 0.9300.