Published: 2024-11-04T09:30:53.000Z
Chart EUR/CHF Update: Choppy trade leaning lower
Senior Technical Strategist
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Little change, as prices extend (choppy) consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9581 | ** | 15 Aug (m) high | S1 | 0.9400 | ** | congestion | |
| R3 | 0.9515 | ** | 76.4% ret of Aug-Sep fall | S2 | 0.9350 | * | congestion | |
| R2 | 0.9500 | ** | congestion | S3 | 0.9327 | * | 24 Oct (w) low | |
| R1 | 0.9445/50 | * | 1 Nov (w) high; break level | S4 | 0.9300/07 | * | congestion; 11 Sep (m) low |
Asterisk denotes strength of level
09:20 GMT - Little change, as prices extend (choppy) consolidation, following the pullback from resistance at the 0.9445 weekly high of 1 November and the 0.9450 break level. Intraday studies are under pressure and overbought daily stochastics are flattening, suggesting potential for a test of congestion support at 0.9400. However, the rising daily Tension Indicator and positive weekly charts should limit any break in fresh buying interest towards further congestion around 0.9350. Meanwhile, a break above 0.9445/50, not yet seen, will open up strong resistance at 0.9500/15, where further profit-taking is expected to appear.