Published: 2025-01-13T09:31:47.000Z
Chart EUR/CHF Update: Leaning lower
Senior Technical Strategist
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Consolidation beneath congestion resistance at 0.9400 is giving way to the anticipated test lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | break level | S1 | 0.9350 | * | congestion | |
| R3 | 0.9485 | ** | 50% ret of Jul-Nov fall | S2 | 0.9300 | * | congestion | |
| R2 | 0.9445/50 | * | 1 Nov (m) high; break level | S3 | 0.9253 | * | 6 Dec (w) low | |
| R1 | 0.9400 | ** | congestion | S4 | 0.9200/02 | ** | cong; 22 Nov 2024 (y) low |
Asterisk denotes strength of level
09:20 GMT - Consolidation beneath congestion resistance at 0.9400 is giving way to the anticipated test lower, with prices currently pressuring congestion support at 0.9350. Intraday studies have turned down and daily readings are under pressure, highlighting a deterioration in sentiment and room for a break. Focus will then turn to further congestion around 0.9300. But mixed/positive weekly charts should limit any initial tests in consolidation. Meanwhile, congestion resistance at 0.9400 should continue to cap any immediate tests higher.