Published: 2024-11-18T09:27:22.000Z
Chart USD/CHF Update: Leaning lower
Senior Technical Strategist
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Cautious trade beneath resistance at 0.8875 is giving way to fresh selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8950 | congestion | S1 | 0.8800 | * | break level | ||
| R3 | 0.8917 | * | 14 Nov (w) high | S2 | 0.8748 | ** | 15 Aug (w) high | |
| R2 | 0.8900 | ** | 61.8% ret of May-Sep fall | S3 | 0.8700 | * | break level | |
| R1 | 0.8875 | * | break level | S4 | 0.8650 | * | break level |
Asterisk denotes strength of level
09:20 GMT - Cautious trade beneath resistance at 0.8875 is giving way to fresh selling interest, as intraday studies remain under pressure and overbought daily stochastics unwind. Focus is expected to turn to support at the 0.8800 break level, but the rising daily Tension Indicator and positive weekly charts are expected to prompt fresh buying interest towards here. Meanwhile, resistance remains at 0.8875 and extends to the 0.8900 Fibonacci retracement. A close above here, if seen, would turn sentiment positive once again and extend September gains beyond the 0.8917 weekly high of 14 November towards resistance at 0.8950.