Chart USD/CHF Update: Limited tests higher
Little change, as cautious trade extends pressure on resistance at the 0.8800 break level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9000 | ** | congestion | S1 | 0.8735 | * | 38.2% ret of Sep-Nov rally | |
| R3 | 0.8950 | congestion | S2 | 0.8700 | * | break level | ||
| R2 | 0.8875 | * | break level | S3 | 0.8665 | ** | 50% ret of Sep-Nov rally | |
| R1 | 0.8800 | * | break level | S4 | 0.8650 | congestion |
Asterisk denotes strength of level
08:55 GMT - Little change, as cautious trade extends pressure on resistance at the 0.8800 break level. Intraday studies have ticked higher, highlighting potential for a test above here. But negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest beneath the 0.8875 break level. Following any minor tests higher, fresh losses are looked for. A later break below support at the 0.8735 Fibonacci retracement will add weight to sentiment and open up 0.8700. Beneath here is the 0.8665 retracement, where already oversold daily stochastics could prompt short-covering/consolidation.