Chart USD/CHF Update: Extending gains
Cautious trade around 0.8050 is giving way to a fresh push higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8170~ | ** | 1 Aug (m) range high | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8100 | ** | break level | S2 | 0.7950 | * | recent lows | |
| R2 | 0.8075 | * | 9 Oct (w) high | S3 | 0.7900 | congestion | ||
| R1 | 0.8050 | break level | S4 | 0.7873 | 17 Oct (w) low |
Asterisk denotes strength of level
09:20 GMT - Cautious trade around 0.8050 is giving way to a fresh push higher, with prices currently pressuring resistance up to the 0.8075 weekly high of 9 October. Daily readings continue to rise and broader weekly charts are also positive, highlighting room for further strength in the coming sessions. A close above 0.8075 will improve sentiment and extend mid-September gains towards 0.8100. Stronger resistance is up to the 0.8170~ monthly range high of 1 August. But already overbought daily stochastics should limit any initial tests in consolidation. Meanwhile, support remains at congestion around 0.8000. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above 0.7950.