Chart EUR/CHF Update: Extending September losses
Anticipated selling interest has prompted a break below 0.9300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9400 | * | congestion | S1 | 0.9260 | ** | 2 Oct (w) low | |
| R3 | 0.9375 | congestion | S2 | 0.9245/50 | ** | 61.8% ret; congestion | ||
| R2 | 0.9350 | * | break level | S3 | 0.9190/00 | ** | 76.4% ret; congestion | |
| R1 | 0.9300 | ** | congestion | S4 | 0.9175~ | ** | 2 Jul (m) low |
Asterisk denotes strength of level
11:05 BST - Anticipated selling interest has prompted a break below 0.9300, with prices currently consolidating the test of support at the 0.9260 weekly low of 2 October. Both intraday and daily studies are bearish, highlighting room for further losses. A close beneath here will add weight to already bearish price action, and extend late-September losses below 0.9245/50 towards stronger support at 0.9190/00. However, already oversold daily stochastics could limit any initial tests in consolidation, before negative weekly charts extend losses still further.
Meanwhile, a close back above congestion resistance at 0.9300, if seen, will help to stabilise sentiment and prompt consolidation beneath 0.9350.