Chart USD/CHF Update: Consolidating - background studies under pressure
Little change, as prices extend choppy trade around congestion resistance at 0.7800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7950 | * | congestion | S1 | 0.7770 | ** | 61.8% ret of Jan-Mar rally | |
| R3 | 0.7900 | ** | congestion | S2 | 0.7750 | * | congestion | |
| R2 | 0.7850 | * | congestion | S3 | 0.7700/10 | ** | congestion; 76.4% ret | |
| R1 | 0.7800 | * | congestion | S4 | 0.7670 | * | congestion lows |
Asterisk denotes strength of level
09:15 BST - Little change, as prices extend choppy trade around congestion resistance at 0.7800. Oversold daily stochastics are flat, highlighting room for further cautious trade. But the bearish daily Tension Indicator and falling weekly charts highlight room for fresh losses in the coming sessions. Support remains at the 0.7770 Fibonacci retracement. A close beneath here will turn sentiment negative and extend late-March losses below congestion around 0.7750 towards strong support at 0.7700/10. Meanwhile, a close back above 0.7800 would help to stabilise sentiment and prompt consolidation beneath further congestion around 0.7850.