Chart EUR/CHF Update: Cautious trade - background studies rising
Still little change, as the anticipated test of support at 0.9200 gives way to further consolidation within the 0.9200 - 0.9230 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9300 | ** | congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9267 | ** | 31 Mar (m) high | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9250 | ** | congestion | S3 | 0.9150 | ** | congestion | |
| R1 | 0.9230 | congestion | S4 | 0.9120 | intraday break level |
Asterisk denotes strength of level
11:00 BST - Still little change, as the anticipated test of support at 0.9200 gives way to further consolidation within the 0.9200 - 0.9230 range. Overbought daily stochastics are unwinding, suggesting potential for a test below 0.9200. But the positive daily Tension Indicator and rising weekly charts should limit scope in renewed buying interest/consolidation above congestion around 0.9180. Following cautious trade, fresh gains are looked for. A later break above congestion resistance at 0.9230 will open up further congestion around 0.9250. However, a close above the 0.9267 monthly high of 31 March is needed to turn sentiment positive and confirm continuation of early-March gains.