Chart USD/CHF Update: Consolidating - daily studies under pressure
Still little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation around support at the 0.8050 break level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | break level | S1 | 0.8050 | break level | ||
| R3 | 0.8170~ | ** | 1 Aug (m) range high | S2 | 0.8000 | ** | congestion | |
| R2 | 0.8155 | ** | 50% ret of May-Sep fall | S3 | 0.7950 | * | recent lows | |
| R1 | 0.8100 | ** | break level | S4 | 0.7900 | congestion |
Asterisk denotes strength of level
09:10 GMT - Still little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation around support at the 0.8050 break level. Both daily stochastics and the daily Tension Indicator are falling, highlighting room for a test beneath here. But positive weekly charts should limit any fresh break in renewed consolidation above congestion support at 0.8000. Following cautious trade, fresh gains are looked for. A break above 0.8100 will improve sentiment and extend mid-September gains towards strong resistance within the 0.8155 Fibonacci retracement and the 0.8170~ monthly range high of 1 August. By-then overbought daily stochastics could limit any initial tests of this range in consolidation.