Chart USD/CHF Update: Balanced at local highs - background studies improving
Choppy trade has given way to a fresh break higher in both USD- and CHF-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9224 | ** | 1 May 2024 (y) high | S1 | 0.9050 | * | congestion | |
| R3 | 0.9150 | * | congestion tops | S2 | 0.9000 | ** | congestion | |
| R2 | 0.9136 | ** | 2 Jan (w) high | S3 | 0.8980 | ** | 38.2% ret of Dec-Jan rally | |
| R1 | 0.9100 | ** | break level | S4 | 0.8950 | * | congestion |
Asterisk denotes strength of level
09:05 GMT - Choppy trade has given way to a fresh break higher in both USD- and CHF-driven trade, with prices currently pressuring resistance within the 0.9100 break level and the 0.9136 weekly high of 2 January. Negative daily readings have turned mixed and broader weekly charts continue to rise, highlighting consolidation before further gains unfold. A later close above 0.9136 will turn sentiment positive and extend September gains beyond 0.9150 towards critical resistance at the 0.9224 year high of 1 May 2024. Meanwhile, support is down to congestion around 0.9050 and extends to 0.9000. This broad area should underpin any immediate setbacks.