Chart USD/CHF Update: Extending pressure on resistance - background studies rising
Little change, as prices extend pressure on resistance at the 0.8100 break level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | break level | S1 | 0.8050 | break level | ||
| R3 | 0.8170~ | ** | 1 Aug (m) range high | S2 | 0.8000 | ** | congestion | |
| R2 | 0.8155 | ** | 50% ret of May-Sep fall | S3 | 0.7950 | * | recent lows | |
| R1 | 0.8100 | ** | break level | S4 | 0.7900 | congestion |
Asterisk denotes strength of level
09:20 GMT - Little change, as prices extend pressure on resistance at the 0.8100 break level. Intraday studies are negative and overbought daily stochastics are flattening, suggesting potential for a minor pullback. But the rising daily Tension Indicator and positive weekly charts should limit scope in renewed buying interest towards support at 0.8050. Following cautious trade, fresh gains are looked for. A later break above 0.8100 will improve sentiment and extend mid-September gains towards strong resistance within the 0.8155 Fibonacci retracement and the 0.8170~ monthly range high of 1 August. Already overbought daily stochastics could limit any initial tests of this range in consolidation. Meanwhile, a close back below 0.8050 will turn sentiment neutral and prompt consolidation above congestion support around 0.8000.