Chart EUR/CHF Update: Under pressure
Cautious trade has given way to a sharp break lower to congestion support at 0.9180
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9267 | ** | 31 Mar (m) high | S1 | 0.9180 | ** | congestion | |
| R3 | 0.9250 | congestion | S2 | 0.9160 | * | 38.2% ret of March rally | ||
| R2 | 0.9225 | break level | S3 | 0.9150 | * | break level | ||
| R1 | 0.9200 | ** | break level | S4 | 0.9125 | ** | 50% ret of March rally |
Asterisk denotes strength of level
10:35 BST - Cautious trade has given way to a sharp break lower to congestion support at 0.9180, before bouncing back to pressure resistance at 0.9200. Daily readings have turned down and overbought weekly stochastics are unwinding, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 0.9180 will add weight to sentiment and confirm a near-term top in place at the 0.9267 monthly high of 31 March, as focus then turns initially to the 0.9160 Fibonacci retracement. Meanwhile, close back above 0.9200, if seen, will help to stabilise price action and prompt consolidation beneath 0.9225.