Chart USD/CHF Update: Leaning lower
Anticipated gains have not been seen, as prices turn lower in USD-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8075 | 9 Oct (w) high | S1 | 0.7900 | congestion | |||
| R3 | 0.8050 | break level | S2 | 0.7873 | 17 Oct (w) low | |||
| R2 | 0.8000 | ** | congestion | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | |
| R1 | 0.7950 | * | recent lows | S4 | 0.7830~ | ** | 17 Sep YTD low |
Asterisk denotes strength of level
09:25 GMT - Anticipated gains have not been seen, as prices turn lower in USD-driven trade. The break below 0.7950 is currently balanced around 0.7940. But a tick lower in daily readings and deteriorating weekly stochastics are expected to prompt further losses towards the congestion around 0.7900. However, already oversold daily stochastics should limit any immediate break beneath here in short-covering/consolidation above critical support at the 0.7830~ current year low of 17 September and the 0.7850 Fibonacci retracement. Meanwhile, a close back above 0.7950 would help to stabilise price action and prompt consolidation beneath congestion around 0.8000.