Chart USD/CHF Update: Balanced at highs - studies improving
Little change, as a tick lower in intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8350 | * | late-May 25 (w) high | S1 | 0.8200 | * | congestion | |
| R3 | 0.8300 | congestion | S2 | 0.8150 | congestion | |||
| R2 | 0.8265 | * | 16 Sep YTD high | S3 | 0.8100 | * | congestion | |
| R1 | 0.8250 | * | congestion | S4 | 0.8050 | break level |
Asterisk denotes strength of level
09:20 BST - Little change, as a tick lower in intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 0.8250. Overbought daily stochastics are also coming under pressure, suggesting room for a drift lower towards congestion support at 0.8200. However, the positive daily Tension Indicator and improving weekly charts should limit any tests in renewed buying interest. A close beneath here, if seen, will turn sentiment neutral and prompt fresh consolidation above further congestion around 0.8150.
Following cautious/corrective trade, fresh gains are looked for. A later close above the 0.8265 fresh year high of 16 September will improve sentiment and extend January gains, initially towards congestion around 0.8300.