Chart EUR/CHF Update: Poised to extend March gains
Anticipated gains have reached resistance at 0.9200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9295/00 | ** | 76.4% ret; congestion | S1 | 0.9180 | ** | congestion | |
| R3 | 0.9275 | * | Dec-Jan range lows, break level | S2 | 0.9150 | ** | break level | |
| R2 | 0.9235 | * | 61.8% ret of Dec-Mar fall | S3 | 0.9100 | ** | break level | |
| R1 | 0.9200 | ** | break level | S4 | 0.9050 | break level |
Asterisk denotes strength of level
10:45 BST - Anticipated gains have reached resistance at 0.9200, where unwinding overbought intraday studies and flat overbought daily stochastics are prompting short-term reactions. The daily Tension Indicator continues to rise, however, and broader weekly charts are positive, pointing to room for a later break above here and continuation of March gains towards the 0.9235 Fibonacci retracement. Negative longer-term charts could prompt more significant profit-taking/consolidation towards here. Meanwhile, support is raised to congestion around 0.9180. A close beneath here, if seen, will help to stabilise price action and prompt fresh consolidation above the 0.9150 break level.