Chart EUR/CHF Update: Limited downside tests
Consolidation within resistance at the 0.9635 Fibonacci retracement and the 0.9650 break level ahs given way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9700 | ** | congestion | S1 | 0.9550 | congestion | ||
| R3 | 0.9650 | * | break level | S2 | 0.9500 | ** | break level | |
| R2 | 0.9635 | ** | 76.4% ret of Jul-Nov fall | S3 | 0.9450 | * | break level | |
| R1 | 0.9600 | ** | congestion | S4 | 0.9400 | ** | break level |
Asterisk denotes strength of level
09:20 GMT - Consolidation within resistance at the 0.9635 Fibonacci retracement and the 0.9650 break level ahs given way to a pullback, as intraday studies turn down, with prices currently trading below 0.9600. Rising daily stochastics are flattening beneath overbought areas, suggesting potential for a minor pullback. But the rising daily Tension Indicator and positive weekly charts should limit any losses in renewed buying interest above 0.9550. Following cautious trade, fresh gains are looked for. A close back above 0.9600 will help to further stabilise price action. But a close above the 0.9635/50 range is needed to turn sentiment positive and extend November gains towards congestion around 0.9700.