Published: 2025-05-12T08:53:03.000Z
Chart USD/CHF Update: Extending April gains
Senior Technical Strategist
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Cautious trade has given way to the anticipated break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8600 | ** | congestion | S1 | 0.8400 | * | Aug-Sep 2024 range lows | |
| R3 | 0.8550 | congestion | S2 | 0.8300 | ** | congestion | ||
| R2 | 0.8500 | ** | congestion | S3 | 0.8200 | minor congestion | ||
| R1 | 0.8480 | ** | 38.2% ret of Jan-Apr fall | S4 | 0.8100 | minor congestion |
Asterisk denotes strength of level
09:35 BST - Cautious trade has given way to the anticipated break higher, with prices currently trading around 0.8430. Rising intraday studies and positive daily readings highlight room for further strength in the coming session. Focus is on the 0.8480 Fibonacci retracement. A break above here will further improve sentiment and extend April gains beyond congestion around 0.8500 towards further congestion around 0.8550. Meanwhile, support is raised to 0.8400. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above congestion support at 0.8300.