Chart USD/CHF Update: Leaning lower
The anticipated break below 0.9150 is giving way to consolidation above support at 0.9100
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9300 | ** | break level | S1 | 0.9100 | ** | break level | |
| R3 | 0.9224 | ** | 1 May 2024 (y) high | S2 | 0.9050 | * | congestion | |
| R2 | 0.9200 | * | cong, 13 Jan YTD high | S3 | 0.9000 | ** | congestion | |
| R1 | 0.9150 | * | congestion tops | S4 | 0.8965 | ** | 50% ret of Dec-Jan rally |
Asterisk denotes strength of level
09:05 GMT - The anticipated break below 0.9150 is giving way to consolidation above support at 0.9100, as oversold intraday studies flatten. However, daily stochastics and the daily Tension Indicator continue to track lower, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 0.9100 will add weight to sentiment and open up congestion around 0.9050. However, mixed/positive weekly charts are expected to limit any initial break beneath here in renewed buying interest/consolidation above 0.9000. Meanwhile, resistance is lowered to 0.9150. A close above here, if seen, will turn sentiment neutral and give way to consolidation beneath strong resistance at 0.9200.