Chart EUR/CHF Update: Profit-taking from fresh year high in EUR- and CHF-driven trade
Choppy trade has posted a fresh year high around 0.9485
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9550 | * | break level | S1 | 0.9400 | * | congestion | |
| R3 | 0.9500 | * | congestion | S2 | 0.9375 | congestion | ||
| R2 | 0.9475/85 | * | 14-30 Sep YTD highs | S3 | 0.9350 | * | break level | |
| R1 | 0.9450 | * | congestion | S4 | 0.9307 | * | 19-20 Aug (w) low |
Asterisk denotes strength of level
11:55 BST - Choppy trade has posted a fresh year high around 0.9485, before falling sharply in EUR- and CHF-driven trade. The break below 0.9450 has added weight to sentiment and opened up congestion support at 0.9400. Daily readings are turning down and broader weekly charts are coming under pressure, highlighting room for a later break and continuation to further congestion around 0.9375. However, mixed longer-term charts could limit any tests of this 0.9375 - 0.9400 range in fresh consolidation.
Meanwhile, a close back above 0.9450 will help to stabilise price action. But a close above 0.9475/85 is needed to turn sentiment positive extend March gains initially to 0.9500.