Chart USD/CHF Update: Balanced at year lows - studies under pressure
Anticipated losses have reached critical support at the 0.8038 current year low of 21 April
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8300 | ** | congestion | S1 | 0.8038 | ** | 21 Apr YTD low | |
| R3 | 0.8250 | congestion | S2 | 0.8000 | ** | congestion | ||
| R2 | 0.8200 | * | congestion | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | |
| R1 | 0.8100 | congestion | S4 | 0.7800 | figure |
Asterisk denotes strength of level
09:20 BST - Anticipated losses have reached critical support at the 0.8038 current year low of 21 April, where rising oversold intraday studies are prompting short-term consolidation. Daily readings are negative and broader weekly charts are mixed/negative, suggesting room for further losses in the coming sessions. A close beneath here will turn sentiment negative and extend multi-year losses from December 2016 below congestion around 0.8000 towards the 0.7850 Fibonacci retracement. Meanwhile, resistance is lowered to congestion around 0.8100, A close above here, if seen, would turn sentiment neutral and prompt consolidation beneath further congestion around 0.8200.