Chart EUR/CHF Update: Cautious trade
Little change, as prices extend cautious trade above congestion support at 0.9300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9400 | ** | break level | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9375 | break level | S2 | 0.9275 | ** | congestion lows | ||
| R2 | 0.9350 | ** | congestion | S3 | 0.9260 | * | 61.8% ret of Nov-Dec rally | |
| R1 | 0.9325 | congestion | S4 | 0.9230 | ** | 76.4% ret of Nov-Dec rally |
Asterisk denotes strength of level
10:50 GMT - Little change, as prices extend cautious trade above congestion support at 0.9300. Intraday studies have turned down, highlighting room for a test beneath here. But rising daily stochastics and the flattening bearish daily Tension Indicator are expected to limit initial scope in renewed consolidation above the 0.9275 congestion lows. Broader weekly charts are negative, however, pointing to room for a later break beneath here and extension of December losses initially to the 0.9260 Fibonacci retracement, ahead of the 0.9230 retracement. Meanwhile, resistance remains at congestion around 0.9325. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.9350.