Chart EUR/CHF Update: Prices remain under pressure
Anticipated losses have tested below support at the 0.9245 Fibonacci retracement and congestion around 0.9250 to reach 0.9225
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9400 | * | congestion | S1 | 0.9245/50 | ** | 61.8% ret; congestion | |
| R3 | 0.9375 | congestion | S2 | 0.9190/00 | ** | 76.4% ret; congestion | ||
| R2 | 0.9350 | * | break level | S3 | 0.9177 | ** | 2 Jul (m) low | |
| R1 | 0.9300 | ** | congestion | S4 | 0.9150 | * | break level |
Asterisk denotes strength of level
10:50 BST - Anticipated losses have tested below support at the 0.9245 Fibonacci retracement and congestion around 0.9250 to reach 0.9225, where rising oversold intraday studies are prompting a bounce back into 0.9245/50. Daily readings are bearish and broader weekly charts are also negative, highlighting room for further losses in the coming sessions. A break back below 0.9245/50 will add weight to sentiment and extend late-September losses towards strong support within the 0.9190 retracement and congestion around 0.9200. However, already oversold daily stochastics could limit any initial tests in consolidation, before any further losses unfold.
Meanwhile, resistance remains at congestion around 0.9300. A close back above here, if seen, will help to stabilise sentiment and prompt consolidation beneath 0.9350.