Chart USD/CHF Update: Sharp pullback from strong Fibonacci retracement
Cautious trade has given way to a sharp run to fresh year highs just beneath strong resistance at the 0.9400 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | congestion | S1 | 0.8225~ | * | 2 Oct (w) low | |
| R3 | 0.8475~ | ** | May 2025 (m) high | S2 | 0.8200 | * | congestion | |
| R2 | 0.8395/00 | ** | 14 Oct YTD high; 50% ret | S3 | 0.8150 | congestion | ||
| R1 | 0.8350 | * | break level | S4 | 0.8100 | ** | congestion |
Asterisk denotes strength of level
09:35 BST - Cautious trade has given way to a sharp run to fresh year highs just beneath strong resistance at the 0.9400 Fibonacci retracement, before falling swiftly into consolidation beneath 0.8350. Intraday studies are bearish and daily readings are also under pressure, highlighting room for further losses in the coming sessions. Focus is expected to turn to support within congestion around 0.8200 and the 0.8225~ weekly low of 2 October. However, mixed/positive weekly charts should limit any initial tests in renewed buying interest/consolidation. A close beneath here, however, will add weight to sentiment and extend losses towards 0.8150.
Meanwhile, resistance is strong within 0.8395/00. A close above here would turn sentiment positive and extend broad January gains towards the 0.8475~ monthly high of May 2025.