Chart USD/CHF Update: Choppy in range
Selling interest has given way to a sharp bounce from above congestion support at 0.7900
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8100 | ** | congestion | S1 | 0.7950 | * | congestion | |
| R3 | 0.8085 | 8 Dec (m) high | S2 | 0.7900 | ** | congestion | ||
| R2 | 0.8040 | ** | 15-16 Jan YTD high | S3 | 0.7850 | * | congestion, recent lows | |
| R1 | 0.8000 | * | break level | S4 | 0.7835 | 23 Mar (w) low |
Asterisk denotes strength of level
09:25 BST - Selling interest has given way to a sharp bounce from above congestion support at 0.7900, as oversold intraday studies unwind, with steady gains reaching resistance at 0.8000. A break above here cannot be ruled out. But negative daily readings and flattening overbought weekly stochastics should prompt renewed selling interest towards the 0.8040 current year high of 15-16 January. The weekly Tension Indicator is rising and longer-term charts are improving, pointing to room for a later break above here and continuation of January gains towards 0.8085/00. Meanwhile, support is raised to congestion around 0.7950. A break beneath here, if seen, should give way to consolidation above 0.7900.