Chart USD/CHF Update: Limited downside tests
The anticipated test of congestion resistance at 0.7950 has been pushed back in sharp selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8040 | ** | 15-16 Jan YTD high | S1 | 0.7850 | * | congestion, recent lows | |
| R3 | 0.8000 | * | break level | S2 | 0.7825 | congestion | ||
| R2 | 0.7950 | * | congestion | S3 | 0.7800 | * | break level | |
| R1 | 0.7900 | ** | congestion | S4 | 0.7750 | * | congestion |
Asterisk denotes strength of level
09:30 GMT - The anticipated test of congestion resistance at 0.7950 has been pushed back in sharp selling interest, with prices currently balanced around 0.7880. Daily stochastics are falling, unwinding overbought areas, and the positive daily Tension Indicator is flattening, suggesting room for further losses in the coming sessions. Support is at recent lows and congestion around 0.7850. A break beneath here will open up 0.7800. But rising weekly charts should limit any tests in renewed buying interest/consolidation. Meanwhile, resistance is lowered to congestion around 0.7900. But a close above 0.7950 is needed to turn sentiment positive and confirm continuation of late-January gains.