Chart USD/CHF Update: Prices remain under pressure
Anticipated losses have reached 0.8820
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8950 | congestion | S1 | 0.8800 | * | break level | ||
| R3 | 0.8917 | * | 14 Nov (w) high | S2 | 0.8748 | ** | 15 Aug (w) high | |
| R2 | 0.8900 | ** | 61.8% ret of May-Sep fall | S3 | 0.8700 | * | break level | |
| R1 | 0.8875 | * | break level | S4 | 0.8650 | * | break level |
Asterisk denotes strength of level
09:20 GMT - Anticipated losses have reached 0.8820, where unwinding oversold intraday studies are prompting short-term reactions. Daily stochastics and the daily Tension Indicator continue to track lower, highlighting a deterioration in sentiment and room for a test of support at the 0.8800 break level. However, rising weekly charts are expected to limit any break in fresh buying interest above the 0.8748 weekly high of 15 August. Meanwhile, resistance remains at the 0.8875 break level and extends to the 0.8900 Fibonacci retracement. A close above here, not yet seen, would turn sentiment positive once again and extend September gains beyond the 0.8917 weekly high of 14 November towards resistance at 0.8950.