Chart EUR/CHF Update: Under pressure
Cautious trade is giving way to selling interest, with prices currently trading just below congestion support at 0.9300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9395/00 | ** | 8 Dec (w) high; break level | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9375 | break level | S2 | 0.9275 | 21 Nov low | |||
| R2 | 0.9350 | ** | congestion | S3 | 0.9210/12 | ** | Apr-Oct lows | |
| R1 | 0.9325 | congestion | S4 | 0.9180 | ** | 14 Nov YTD low |
Asterisk denotes strength of level
10:50 GMT - Cautious trade is giving way to selling interest, with prices currently trading just below congestion support at 0.9300. Daily readings are under pressure and broader weekly charts are turning down, highlighting room for further losses in the coming sessions. Focus is on the 0.9275 low of 21 November. But already oversold intraday studies are expected to limit any initial tests in consolidation, before fresh selling interest prompts deeper losses towards the 0.9210/12 lows from April-October. Meanwhile, resistance is at congestion around 0.9325. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.9350.