Chart EUR/CHF Update: Consolidating - any gains to remain limited
Still little change, as the anticipated retest of congestion resistance at 0.9250 gives way to fresh consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | congestion | S1 | 0.9190/00 | ** | 76.4% ret; congestion | ||
| R3 | 0.9350 | * | break level | S2 | 0.9170/77 | ** | 61.8% ret; 2 Jul (m) low | |
| R2 | 0.9300 | ** | congestion | S3 | 0.9150 | * | break level | |
| R1 | 0.9250 | ** | congestion | S4 | 0.9100 | ** | cong, 76.4% ret |
Asterisk denotes strength of level
10:50 GMT - Still little change, as the anticipated retest of congestion resistance at 0.9250 gives way to fresh consolidation. The daily Tension Indicator continues to rise, suggesting room for a fresh test of 0.9250. But the positive daily Tension Indicator is flattening and broader weekly and longer-term charts are under pressure, suggesting any break should be limited in renewed selling interest/consolidation towards further congestion around 0.9300.
Following cautious/corrective trade, fresh losses are looked for. However, a close below 0.9190/00 is needed to add weight to sentiment and extend late-September losses initially towards strong support within 0.9170/77.