Chart USD/CHF Update: Potential for a minor test higher
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9035 | * | 28 Feb (w) high | S1 | 0.8800 | ** | congestion | |
| R3 | 0.9000 | ** | congestion | S2 | 0.8757 | 10 Mar YTD low | ||
| R2 | 0.8900 | ** | break level | S3 | 0.8727 | ** | 6 Dec (m) low | |
| R1 | 0.8850 | * | recent highs | S4 | 0.8690 | ** | 61.8% ret of Sep-Jan rally |
Asterisk denotes strength of level
09:00 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 0.8800. Oversold daily stochastics are turning higher and the bearish daily Tension Indicator is flattening, suggesting potential for a test higher. But negative weekly charts are expected to limit any break above the 0.8850 recent highs in renewed selling interest beneath 0.8900. Following cautious trade, fresh losses are looked for. A later close below 0.8800 will add weight to sentiment and open up a test of strong support at the 0.8727 monthly low of 6 December. Extension to the 0.8690 Fibonacci retracement cannot be ruled out.