Chart EUR/CHF Update: Choppy trade - studies edging higher
The anticipated test above 0.9400 has met sharp selling interest around 0.9417
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | break level | S1 | 0.9350 | * | congestion | |
| R3 | 0.9445/50 | * | 1 Nov (w) high; break level | S2 | 0.9300 | * | congestion | |
| R2 | 0.9417 | 17 Dec high | S3 | 0.9253 | * | 6 Dec (w) low | ||
| R1 | 0.9400 | ** | congestion | S4 | 0.9200/02 | ** | figure; 22 Nov all-time low |
Asterisk denotes strength of level
09:05 GMT - The anticipated test above 0.9400 has met sharp selling interest around 0.9417, with prices falling to congestion support at 0.9350 before bouncing once again. Overbought daily stochastics are flattening, suggesting consolidation, before the rising daily Tension Indicator and improving weekly charts prompt fresh gains. A close above 0.9400 will improve sentiment and extend November gains towards 0.9445/50. But already overbought daily stochastics could limit any initial tests in consolidation. Meanwhile, a close below congestion support at 0.9350, if seen, would add weight to sentiment and prompt a pullback towards further congestion around 0.9300.