Chart EUR/CHF Update: Pushing higher
Consolidation around 0.9075 has given way to a sharp break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9200 | ** | break level | S1 | 0.9100 | ** | break level | |
| R3 | 0.9180/85 | congestion; 50% ret | S2 | 0.9050 | break level | |||
| R2 | 0.9150 | ** | break level | S3 | 0.9000 | ** | psychological | |
| R1 | 0.9135 | * | 38.2% ret of Dec-Mar fall | S4 | 0.8980 | ** | 9 Mar YTD low |
Asterisk denotes strength of level
10:55 GMT - Consolidation around 0.9075 has given way to a sharp break higher, with focus turning to resistance at the 0.9135 Fibonacci retracement and the 0.9150 break level. Daily stochastics are flattening in overbought areas, suggesting any immediate tests of this range could give way to consolidation. But the positive daily Tension Indicator and a tick higher in oversold weekly stochastics point to room for a later break and extension of late-January gains towards 0.9180/85. The bearish weekly Tension Indicator and negative longer-term charts could limit any initial tests in profit-taking/consolidation. Meanwhile, support is raised to 0.9100. A close back beneath here would turn sentiment neutral once again and give way to fresh consolidation above 0.9050.