Chartbook: Chart EUR/CHF: Fresh all-time low - monthly studies remain under pressure

Cautious trade has given way to a fresh all-time low just beneath the 0.9210 low of August at 0.9202.

Monthly stochastics have ticked lower once again and the monthly Tension Indicator is also turning down, highlighting a deterioration in sentiment and room for still further losses into early 2025.

A close below 0.9202/10 will add weight to already bearish price action and extend 2007 losses towards strong psychological support at 0.9000. However, bearish longer-term studies, (not shown), continue to show signs of stabilisation, suggesting any immediate tests of 0.9000 could give way to short-covering/consolidation.

A close beneath here, however, would extend losses towards psychological support at 0.8500.

 

Meanwhile, resistance is at the 0.9350 break level.

A close above here would help to stabilise price action and prompt consolidation beneath stronger resistance at congestion around 0.9500 and the 0.9580~ monthly high of 15 August.

An unexpected close above here, however, would delay downside development and turn sentiment cautiously positive, as corrective gains then extend towards the 0.9775 monthly high of 15 July.