Chart USD/CHF Update: Test of 0.9000/25 not sustained
The anticipated test of strong resistance within congestion around 0.9000 and the 0.9025 Fibonacci retracement has met selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9100 | ** | break level | S1 | 0.8950 | * | congestion | |
| R3 | 0.9050 | ** | 3 Jul (m) high, congestion | S2 | 0.8875 | * | break level | |
| R2 | 0.9025 | ** | 76.4% ret of May-Sep fall | S3 | 0.8800 | * | break level | |
| R1 | 0.9000 | ** | congestion | S4 | 0.8735 | * | 38.2% ret of Sep-Nov rally |
Asterisk denotes strength of level
09:15 GMT - The anticipated test of strong resistance within congestion around 0.9000 and the 0.9025 Fibonacci retracement has met selling interest, with prices falling back towards congestion support at 0.8950. Intraday studies are under pressure and overbought daily stochastics are unwinding, highlighting potential for continuation beneath here. Subsequent focus will then turn to the 0.8875 break level, but the rising daily Tension Indicator and mixed/positive weekly charts should prompt buying interest/consolidation above here. Meanwhile, a close above 0.9000/25, not yet seen, will turn price action positive and extend September gains beyond 0.9050.