Chart USD/CHF Update: Consolidating - studies improving
Little change, as negative intraday studies keep near-term sentiment cautious
| 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
09:10 BST - Little change, as negative intraday studies keep near-term sentiment cautious and extend cautious trade around resistance at the 0.8065 weekly high of 17 July. 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 later close above 0.8065 will confirm a near-term low in place around 0.7870/00 and extend July gains initially to strong resistance at 0.8100. Beyond here is the 0.8170 Fibonacci retracement. Meanwhile, support remains at congestion around 0.8000. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 0.7900.