Published: 2024-12-12T09:22:47.000Z
Chart EUR/CHF Update: Limited scope above 0.9350
Senior Technical Strategist
1
Cautious trade has given way to anticipated gains in CHF-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | break level | S1 | 0.9300 | * | congestion | |
| R3 | 0.9445/50 | * | 1 Nov (w) high; break level | S2 | 0.9253 | * | 6 Dec (w) low | |
| R2 | 0.9400 | ** | congestion | S3 | 0.9200/02 | ** | figure; 22 Nov all-time low | |
| R1 | 0.9350 | * | congestion | S4 | 0.9150 | figure |
Asterisk denotes strength of level
09:10 GMT - Cautious trade has given way to anticipated gains in CHF-driven trade, with the break above 0.9300 giving way to consolidation beneath congestion resistance at 0.9350. Intraday studies have ticked higher and daily readings are also turning up, highlighting potential for a test above here. But negative weekly charts are expected to limit scope in fresh consolidation beneath congestion around 0.9400. Meanwhile, support is raised to 0.9300. But a close below the 0.9253 weekly low of 6 December, not yet seen, will add weight to sentiment, and open up a test of critical support at the 0.9202 all-time low of 22 November and 0.9200.