Published: 2024-11-05T09:18:53.000Z
Chart EUR/CHF Update: Under pressure
Senior Technical Strategist
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Choppy trade has given way to fresh losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9515 | ** | 76.4% ret of Aug-Sep fall | S1 | 0.9350 | * | congestion | |
| R3 | 0.9500 | ** | congestion | S2 | 0.9327 | * | 24 Oct (w) low | |
| R2 | 0.9445/50 | * | 1 Nov (w) high; break level | S3 | 0.9300/07 | * | congestion; 11 Sep (m) low | |
| R1 | 0.9400 | ** | congestion | S4 | 0.9285 | 6 Aug low |
Asterisk denotes strength of level
09:10 GMT - Choppy trade has given way to fresh losses, with prices currently balanced in consolidation beneath congestion around 0.9400. Intraday studies are turning down and daily readings are also coming under pressure, highlighting room for deeper losses towards congestion around 0.9350. However, rising weekly charts are expected to limit any initial tests in fresh consolidation. Meanwhile, a break back above 0.9400, if seen, will turn price action neutral once again and give way to consolidation beneath 0.9445/50.