Chart USD/CHF Update: Cautious trade - any gains to remain limited
Little change, as mixed intraday studies extend cautious/choppy trade around congestion resistance at 0.8200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8350 | * | break level | S1 | 0.8150 | congestion | ||
| R3 | 0.8300 | * | congestion lows | S2 | 0.8120 | ** | 61.8% ret of Aug-Oct rally | |
| R2 | 0.8250 | congestion | S3 | 0.8100 | ** | congestion | ||
| R1 | 0.8200 | * | congestion | S4 | 0.8055 | ** | 76.4% ret of Aug-Oct rally |
Asterisk denotes strength of level
09:20 GMT - Little change, as mixed intraday studies extend cautious/choppy trade around congestion resistance at 0.8200. Oversold daily stochastics are unwinding, suggesting room for a test above here. But the flat daily Tension Indicator and deteriorating weekly charts should limit scope in renewed selling interest beneath further congestion around 0.8250.
Meanwhile, support remains at congestion around 0.8150 and extends to the 0.8120 Fibonacci retracement. A later break beneath here will add weight to sentiment and extend October losses below congestion around 0.8100 towards the 0.8055 retracement.