Chart USD/CHF Update: Leaning lower
The anticipated test of congestion support around 0.7850 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8000 | * | break level | S1 | 0.7850 | congestion | ||
| R3 | 0.7950 | * | congestion | S2 | 0.7825 | congestion | ||
| R2 | 0.7923 | * | 16 Mar high | S3 | 0.7800 | * | break level | |
| R1 | 0.7900 | ** | congestion | S4 | 0.7750 | * | congestion |
Asterisk denotes strength of level
09:10 GMT - The anticipated test of congestion support around 0.7850 is giving way to consolidation, as oversold intraday studies unwind, with prices currently trading around 0.7865. Overbought daily stochastics are unwinding and the daily Tension Indicator is turning down, highlighting room for a break beneath here. However, positive weekly charts should limit scope in renewed buying interest within the 0.7800/25 range. Following cautious/corrective trade, fresh gains are looked for. A later break back above congestion resistance at 0.7900 and the 0.7923 high of 16 March will improve sentiment and extend late-January gains initially to congestion around 0.7950.