Chart EUR/CHF Update: Extending March gains in CHF-driven trade
Cautious trade has given way to anticipated tests higher, with prices extending March gains to 0.9315 in CHF-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9350 | * | break level | S1 | 0.9267 | ** | 31 Mar (m) high | |
| R3 | 0.9325 | * | congestion | S2 | 0.9230 | congestion | ||
| R2 | 0.9315 | intraday high | S3 | 0.9200 | ** | break level | ||
| R1 | 0.9300 | ** | congestion | S4 | 0.9180 | ** | congestion |
Asterisk denotes strength of level
10:40 BST - Cautious trade has given way to anticipated tests higher, with prices extending March gains to 0.9315 in CHF-driven trade, before settling into consolidation beneath congestion resistance at 0.9300. Daily readings are rising and broader weekly charts are also positive, highlighting room for further strength in the coming sessions. A fresh break above 0.9300 will open up congestion around 0.9325. But already overbought daily stochastics could limit any immediate tests above here in profit-taking/consolidation beneath 0.9350. Meanwhile, support is raised to the 0.9267 monthly high of 31 March. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above congestion around 0.9230.