Chart USD/CHF Update: Sentiment improving
Anticipated gains have reached resistance at the 0.8065 weekly high of 17 July
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | congestion | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8170 | * | 50% ret of May-Jul fall | S2 | 0.7900 | congestion | ||
| R2 | 0.8100 | * | cong, 38.2% ret | S3 | 0.7870~ | ** | 1 Jul YTD low | |
| R1 | 0.8065 | * | 17 Jul (w) high | S4 | 0.7850 | ** | 76.4% ret of 2011-2016 rally |
Asterisk denotes strength of level
09:30 BST - Anticipated gains have reached resistance at the 0.8065 weekly high of 17 July, where flat overbought intraday studies are prompting short-term reactions. Daily readings continue to track higher and broader weekly charts are rising, highlighting an improvement in sentiment and room for further gains in the coming sessions. A close above 0.8065 confirm a near-term low in place around 0.7870/00 and extend July gains initially to strength resistance at 0.8100. Beyond here is the 0.8170 Fibonacci retracement. Meanwhile, support is raised to congestion around 0.8000. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 0.7900.