Chart EUR/CHF Update: Cautious trade - studies leaning lower
Little change, as the anticipated break above 0.9400 gives way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9550 | * | congestion | S1 | 0.9400 | * | congestion | |
| R3 | 0.9500 | * | congestion | S2 | 0.9375 | congestion | ||
| R2 | 0.9455 | * | 50% ret of 2024-2026 fall | S3 | 0.9350 | * | break level | |
| R1 | 0.9435 | * | 2 Sep YTD high | S4 | 0.9300/07 | ** | cong; 19-20 Aug (w) low |
Asterisk denotes strength of level
10:55 BST - Little change, as the anticipated break above 0.9400 gives way to consolidation, as intraday studies turn mixed. Flat daily stochastics are turning down and the positive daily Tension Indicator is flattening, suggesting a deterioration in sentiment and room for a break back below here. Focus will then turn to further congestion around 0.9375. But mixed/positive weekly charts should limit any initial tests in fresh consolidation. A close beneath here, if seen, will add weight to sentiment and open up 0.9350.
Meanwhile, resistance remains up to the 0.9435 current year high of 2 September. A close above here would turn sentiment positive and extend gains from the 0.8980 current year low of 9 March towards the 0.9455 Fibonacci retracement.