Published: 2025-04-03T08:11:25.000Z
Chart USD/CHF Update: Sharp reversal lower
Senior Technical Strategist
2
Cautious trade around 0.8850 has given way to sharp losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8900 | ** | break level | S1 | 0.8690 | ** | 61.8% ret of Sep-Jan rally | |
| R3 | 0.8850 | * | March range highs | S2 | 0.8650 | ** | congestion | |
| R2 | 0.8800 | ** | congestion | S3 | 0.8615 | * | 4 Nov (m) low | |
| R1 | 0.8757 | ** | 10 Mar (m) low | S4 | 0.8600 | * | congestion |
Asterisk denotes strength of level
09:05 BST - Cautious trade around 0.8850 has given way to sharp losses, with prices currently trading around the 0.8690 Fibonacci retracement. Intraday studies are under pressure, and daily readings have also turned down, (unwinding negative divergence), highlighting a deterioration in sentiment and room for still deeper losses in the coming sessions. A break below 0.8690 will extend January losses towards congestion around 0.8650, with room for continuation down to 0.8600/15. Meanwhile, a close back above resistance at the 0.8757 monthly low of 10 March will stabilise price action and prompt consolidation around congestion at 0.8800.