Chart EUR/CHF Update: Consolidating - studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | break level | S1 | 0.9275 | ** | congestion lows | ||
| R3 | 0.9350 | ** | congestion | S2 | 0.9260 | * | 61.8% ret of Nov-Dec rally | |
| R2 | 0.9325 | congestion | S3 | 0.9230 | ** | 76.4% ret of Nov-Dec rally | ||
| R1 | 0.9300 | ** | congestion | S4 | 0.9210/12 | ** | Apr-Oct range lows |
Asterisk denotes strength of level
10:55 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend choppy trade above support at the 0.9275 congestion lows. Daily readings continue to track lower and broader weekly charts are negative, highlighting room for fresh losses in the coming sessions. A close below 0.9275 will add weight to sentiment and open up the 0.9260 Fibonacci retracement. A further break will extend December losses towards the 0.9230 retracement. Meanwhile, resistance remains at congestion around 0.9300. However, a close above further congestion resistance at 0.9325 is needed to help to stabilise price action and prompt consolidation beneath 0.9350.