Chart EUR/CHF Update: Leaning lower
The anticipated test above resistance at 0.9400 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9550 | * | congestion | S1 | 0.9350 | ** | congestion | |
| R3 | 0.9500 | ** | break level | S2 | 0.9325 | congestion | ||
| R2 | 0.9445/50~~ | ** | Apr-Aug range high | S3 | 0.9300 | ** | congestion | |
| R1 | 0.9400 | ** | break level | S4 | 0.9250 | break level |
Asterisk denotes strength of level
11:05 GMT - The anticipated test above resistance at 0.9400 has not been seen, as intraday studies turn down and add weight to near-term sentiment. Overbought daily stochastics are also unwinding and the positive daily Tension Indicator is flattening, highlighting room for a test of congestion support at 0.9350. A break will add weight to sentiment and open up further congestion around 0.9325. But rising weekly charts are expected to limit any initial tests of this range in fresh consolidation. Meanwhile, a close above 0.9400, not yet seen, will improve price action and extend mid-November gains towards critical resistance at the 0.9445/50~ range highs from April-August.