Chart EUR/CHF Update: Edging higher
Consolidation above support at 0.9050 is giving way to further gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9200 | ** | break level | S1 | 0.9050 | break level | ||
| R3 | 0.9180 | minor congestion | S2 | 0.9000 | ** | psychological | ||
| R2 | 0.9150 | ** | break level | S3 | 0.8980 | ** | 9 Mar YTD low | |
| R1 | 0.9100 | ** | break level | S4 | 0.8950 | * | figure |
Asterisk denotes strength of level
10:55 GMT - Consolidation above support at 0.9050 is giving way to further gains, as intraday studies turn higher, with prices currently trading around 0.9075. Daily readings continue to rise and oversold weekly stochastics are turning up, suggesting room for a test of resistance at the 0.9100 break level. But the bearish weekly Tension Indicator and falling longer-term charts should limit any continuation beyond here in renewed selling interest beneath 0.9150. Following cautious/corrective trade, fresh losses are looked for. A break back below 0.9050 will open up 0.9000. But a further close below critical support at the 0.8980 current year low of 9 March is needed to turn sentiment negative and extend long-term bear trends, initially to 0.8950.