Chart EUR/CHF Update: Limited tests higher
Cautious trade around support at the 0.9275 congestion lows is giving way to a test higher in CHF-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | break level | S1 | 0.9275 | ** | congestion lows | ||
| R3 | 0.9350 | ** | congestion | S2 | 0.9260 | * | 61.8% ret of Nov-Dec rally | |
| R2 | 0.9325 | congestion | S3 | 0.9230 | ** | 76.4% ret of Nov-Dec rally | ||
| R1 | 0.9300 | ** | congestion | S4 | 0.9210/12 | ** | Apr-Oct range lows |
Asterisk denotes strength of level
10:55 GMT - Cautious trade around support at the 0.9275 congestion lows is giving way to a test higher in CHF-driven trade, with prices currently pressuring congestion resistance at 0.9600. Intraday studies and daily stochastics have ticked higher, highlighting room for a test above here. But the flat daily Tension Indicator and bearish weekly charts are expected to limit initial scope in renewed selling interest/consolidation beneath congestion around 0.9325. Following cautious trade, fresh losses are looked for. A close below 0.9275 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.