Chart EUR/CHF Update: Cautious trade - background studies under pressure
Little change, as prices extend cautious trade above support at the 0.9245 Fibonacci retracement and congestion around 0.9250
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9400 | * | congestion | S1 | 0.9245/50 | ** | 61.8% ret; congestion | |
| R3 | 0.9375 | congestion | S2 | 0.9190/00 | ** | 76.4% ret; congestion | ||
| R2 | 0.9350 | * | break level | S3 | 0.9177 | ** | 2 Jul (m) low | |
| R1 | 0.9300 | ** | congestion | S4 | 0.9150 | * | break level |
Asterisk denotes strength of level
10:50 BST - Little change, as prices extend cautious trade above support at the 0.9245 Fibonacci retracement and congestion around 0.9250. Oversold daily stochastics and the bearish daily Tension Indicator are flattening, suggesting room for further consolidation into the coming sessions, before negative weekly charts prompt fresh losses. A later break below 0.9245/50 will add weight to sentiment and extend late-September losses below the 0.9225 low of 19 October towards strong support within the 0.9190 retracement and congestion around 0.9200. However, already oversold daily stochastics could limit any initial tests in consolidation.
Meanwhile, resistance remains up to congestion around 0.9300. A close back above here, if seen, will help to stabilise sentiment and prompt consolidation beneath 0.9350.