Chart EUR/CHF Update: Limited tests higher
Cautious trade has given way to a break above 0.9300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9400 | ** | break level | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9375 | break level | S2 | 0.9275 | ** | congestion lows | ||
| R2 | 0.9350 | ** | congestion | S3 | 0.9260 | * | 61.8% ret of Nov-Dec rally | |
| R1 | 0.9325 | congestion | S4 | 0.9230 | ** | 76.4% ret of Nov-Dec rally |
Asterisk denotes strength of level
11:20 GMT - Cautious trade has given way to a break above 0.9300, as intraday studies turn higher, with prices currently balanced around 0.9310. Oversold daily stochastics are also edging higher and the bearish daily Tension Indicator is flattening, highlighting room for continuation towards congestion resistance at 0.9325. Broader weekly charts, however, remain under pressure, suggesting any extension beyond here should meet renewed selling interest beneath further congestion around 0.9350. Meanwhile, support is raised to congestion around 0.9300 and extends to the 0.9275 congestion lows. A close beneath here will add weight to sentiment and extend December losses initially to the 0.9260 Fibonacci retracement. Beneath here is the 0.9230 retracement.