Chart USD/CHF Update: Extending losses
Anticipated losses have broken below the 0.8175 Fibonacci retracement to reach congestion support at 0.8150
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8350 | * | break level | S1 | 0.8175 | ** | 50% ret of Aug-Oct rally | |
| R3 | 0.8300 | * | congestion lows | S2 | 0.8150 | congestion | ||
| R2 | 0.8250 | congestion | S3 | 0.8120 | ** | 61.8% ret of Aug-Oct rally | ||
| R1 | 0.8200 | * | congestion | S4 | 0.8100 | ** | congestion |
Asterisk denotes strength of level
09:15 GMT - Anticipated losses have broken below the 0.8175 Fibonacci retracement to reach congestion support at 0.8150, before bouncing back into consolidation around 0.8175. Daily readings are bearish and broader weekly charts are also under pressure, highlighting a deterioration in sentiment and room for deeper losses in the coming sessions. A close below 0.8175 will add fresh weight to sentiment and extend losses from the 0.8395 current year high of 14 October back to 0.8150, ahead of the 0.8120 retracement.
Meanwhile, resistance is lowered to congestion around 0.8200. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 0.8250.