Chart EUR/CHF Update: Gains to remain limited
The anticipated break above 0.9300 is giving way to consolidation beneath congestion resistance at 0.9325
| 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
11:00 GMT - The anticipated break above 0.9300 is giving way to consolidation beneath congestion resistance at 0.9325, as intraday studies unwind overbought areas, with prices currently balanced around 0.9310. Rising daily stochastics and a tick higher in the daily Tension Indicator highlight potential for a further strength in the coming sessions. But negative weekly charts are expected to limit any break above 0.9325 in renewed selling interest/consolidation 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 open up the 0.9260 Fibonacci retracement. A further break will extend December losses towards the 0.9230 retracement.