Chart USD/CHF Update: Choppy in range
The test of resistance at the 0.8700 Fibonacci retracement has been pushed back
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8875 | * | 30 Jul (w) high | S1 | 0.8650 | * | break level | |
| R3 | 0.8800 | ** | break level, 50% ret | S2 | 0.8600 | ** | congestion | |
| R2 | 0.8748 | ** | 15 Aug (w) high | S3 | 0.8550 | * | congestion | |
| R1 | 0.8700 | * | 38.2% ret of May-Sep fall | S4 | 0.8500 | congestion |
Asterisk denotes strength of level
09:05 GMT - The test of resistance at the 0.8700 Fibonacci retracement has been pushed back, as overbought intraday studies unwind, with choppy trade currently pressuring support at the 0.8650 break level. Daily stochastics continue to track lower and the daily Tension Indicator is also under pressure, highlighting room for a pullback towards congestion support at 0.8600. However, mixed/positive weekly charts could limit any initial tests in fresh consolidation. Meanwhile, a close above 0.8700 is needed to turn sentiment positive and confirm continuation of September gains. Focus will then turn to the 0.8748 weekly high of 15 August, where fresh profit-taking could develop.