Chart EUR/CHF Update: Consolidation to give way to a test higher
Little change, as prices extend consolidation within the 0.9200 - 0.9235 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9295/00 | ** | 76.4% ret; congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9275 | * | Dec-Jan range lows, break level | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9267 | ** | 31 Mar (m) high | S3 | 0.9150 | ** | break level | |
| R1 | 0.9235 | * | 61.8% ret of Dec-Mar fall | S4 | 0.9100 | ** | break level |
Asterisk denotes strength of level
11:05 BST - Little change, as prices extend consolidation within the 0.9200 - 0.9235 range. Rising intraday studies highlight room for a break above the 0.9235 Fibonacci retracement. But negative daily stochastics and the flattening daily Tension Indicator should limit initial scope in renewed selling interest beneath the 0.9267 monthly high of 31 March. Broader weekly charts continue to rise, however, pointing to room for a later break above here and continuation of March gains towards congestion within the 0.9275 - 0.9595/00 range. Meanwhile, support remains at 0.9100 and extends to 0.9180. A close beneath here, if seen, will open up support at the 0.9150 break level, where renewed buying interest is expected to appear.