Chart USD/CHF Update: Choppy at local highs - studies under pressure
Choppy trade has posted a fresh year high at congestion around 0.9200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9350 | ** | congestion | S1 | 0.9150 | * | congestion tops | |
| R3 | 0.9300 | ** | break level | S2 | 0.9100 | ** | break level | |
| R2 | 0.9224 | ** | 1 May 2024 (y) high | S3 | 0.9050 | * | congestion | |
| R1 | 0.9200 | * | cong, 13 Jan YTD high | S4 | 0.9000 | ** | congestion |
Asterisk denotes strength of level
09:15 GMT - Choppy trade has posted a fresh year high at congestion around 0.9200, before settling lower into consolidation around support at 0.9150, as intraday studies turn down. Rising daily readings and overbought weekly stochastics are flattening, suggesting potential for a test beneath here towards 0.9100. But the positive weekly Tension Indicator and improving longer-term charts are expected to limit any deeper reactions in renewed buying interest towards 0.9100/50. Meanwhile, resistance is at 0.9200 and extends towards critical resistance at the 0.9224 year high of 1 May 2024. A close above here would turn sentiment positive and confirm continuation of September gains.