Chart USD/CHF Update: Balanced at local highs
The break above congestion around 0.8950 has met selling interest around 0.8975
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9025 | ** | 76.4% ret of May-Sep fall | S1 | 0.8875 | * | break level | |
| R3 | 0.9000 | ** | congestion | S2 | 0.8800 | * | break level | |
| R2 | 0.8975 | 17 Dec high | S3 | 0.8735 | * | 38.2% ret of Sep-Nov rally | ||
| R1 | 0.8950 | * | congestion | S4 | 0.8665 | ** | 50% ret of Sep-Nov rally |
Asterisk denotes strength of level
08:50 GMT - The break above congestion around 0.8950 has met selling interest around 0.8975, as intraday studies turn down, with prices once again trading below 0.8950. Overbought daily stochastics are flattening, suggesting potential for consolidation. But the rising daily Tension Indicator and improving weekly charts suggest room for a later fresh break above 0.8950 and extension of September gains towards congestion around 0.9000 and the 0.9025 Fibonacci retracement. Overbought daily stochastics could prompt significant selling interest within here. Meanwhile, support remains at 0.8875. A close beneath here, if seen, will add weight to sentiment and prompt a deeper pullback, initially to 0.8800.