Chart EUR/CHF Update: Choppy trade - studies under pressure
The anticipated test of support at the 0.9315 weekly low of 28 August has bounced from above congestion around 0.9300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9490/00 | ** | 61.8% ret; congestion | S1 | 0.9315 | * | 28 Aug (w) low | |
| R3 | 0.9435 | * | 50% ret of Mar-Apr fall | S2 | 0.9300 | ** | congestion | |
| R2 | 0.9400 | ** | congestion | S3 | 0.9260 | break level | ||
| R1 | 0.9350 | ** | congestion | S4 | 0.9212 | ** | 11 Apr YTD low |
Asterisk denotes strength of level
11:10 BST - The anticipated test of support at the 0.9315 weekly low of 28 August has bounced from above congestion around 0.9300, as intraday studies turn higher, with prices currently trading around 0.9325. Continuation towards congestion resistance at 0.9350 cannot be ruled out. But negative daily readings and deteriorating weekly charts are expected to limit any tests in renewed selling interest. Following cautious/choppy trade, fresh losses are looked for. A later close below 0.9300/15 will add weight to sentiment and extend mid-August losses towards 0.9260. Meanwhile, an unexpected close above 0.9350 will help to stabilise price action and prompt consolidation beneath further congestion around 0.9400.