Chart EUR/CHF Update: Pressuring strong support - background studies falling
Anticipated selling interest has reached strong support at the 0.9190 Fibonacci retracement and congestion around 0.9200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | congestion | S1 | 0.9190/00 | ** | 76.4% ret; congestion | ||
| R3 | 0.9350 | * | break level | S2 | 0.9170/77 | ** | 61.8% ret; 2 Jul (m) low | |
| R2 | 0.9300 | ** | congestion | S3 | 0.9150 | * | break level | |
| R1 | 0.9250 | ** | congestion | S4 | 0.9100 | ** | cong, 76.4% ret |
Asterisk denotes strength of level
10:55 BST - Anticipated selling interest has reached strong support at the 0.9190 Fibonacci retracement and congestion around 0.9200, where short-term consolidation is appearing. Daily readings are coming under fresh pressure and broader weekly charts remain bearish, highlighting room for further losses in the coming sessions. A break below 0.9190/00 will add weight to already bearish price action and extend late-September losses towards strong support within 0.9170/77. Already oversold daily stochastics could prompt fresh consolidation.
Meanwhile, resistance is lowered to congestion around 0.9250. A close back above here, if seen, will help to stabilise sentiment and prompt consolidation beneath 0.9300.