Chart USD/CHF Update: Lower in range
The anticipated test above congestion resistance at 0.8000 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8250 | congestion | S1 | 0.7900 | congestion | |||
| R3 | 0.8200 | * | congestion | S2 | 0.7870~ | ** | 1 Jul YTD low | |
| R2 | 0.8100 | congestion | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R1 | 0.8000 | ** | congestion | S4 | 0.7800 | figure |
Asterisk denotes strength of level
09:10 BST - The anticipated test above congestion resistance at 0.8000 has not been seen, as intraday studies turn down, with prices drifting lower to 0.7920. Rising daily stochastics are flattening, suggesting potential for a test of congestion support at 0.7900. But the positive daily Tension Indicator is expected to limit any initial tests in consolidation, before negative weekly charts prompt a break. A close beneath here will turn sentiment negative and post fresh year lows towards critical support at the 0.7850 Fibonacci retracement. Meanwhile, a close above 0.8000, if seen, would turn sentiment cautiously positive and open up a test of further congestion around 0.8100.