Chart USD/CHF Update: Consolidating - daily studies edging higher
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8250 | congestion | S1 | 0.7900 | congestion | |||
| R3 | 0.8200 | * | congestion | S2 | 0.7870~ | ** | 1 Jul YTD low | |
| R2 | 0.8100 | congestion | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R1 | 0.8000 | ** | congestion | S4 | 0.7800 | figure |
Asterisk denotes strength of level
09:15 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 0.8000. Daily readings continue to rise, highlighting potential for a test above here. Focus will then turn to further congestion around 0.8100. But negative weekly charts and bearish longer-term readings should limit any tests in renewed selling interest/consolidation. Following cautious trade, fresh losses are looked for. Support remains at congestion around 0.7900 and extends to the 0.7870~ current year low of 1 July. A later break will target the 0.7850 Fibonacci retracement, with a further close beneath here turning sentiment negative and extending broad December 2016 losses towards 0.7800.