Chart EUR/CHF Update: Turning away from fresh year high
The break above 0.9350 has posted a fresh year high around 0.9372
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | figure | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9395/00 | ** | 8 Dec (m) high; cong | S2 | 0.9267 | ** | 31 Mar (m) high | |
| R2 | 0.9372 | 6 Aug YTD high | S3 | 0.9230 | congestion | |||
| R1 | 0.9350 | * | break level | S4 | 0.9200 | ** | break level |
Asterisk denotes strength of level
10:45 BST - The break above 0.9350 has posted a fresh year high around 0.9372. Unwinding overbought intraday studies and mixed/negative daily readings are prompting a pullback, with the break back below 0.9350 turning sentiment neutral once again. Immediate focus is on minor congestion around 0.9320. But rising weekly charts should limit any break in renewed buying interest/consolidation above further congestion around 0.9300. Following cautious/corrective trade, fresh gains are looked for. A later break above 0.9372 will improve sentiment and extend March gains towards strong resistance at the 0.9395 monthly high of 8 December and congestion around 0.9400.