Chartbook: Chart EUR/CHF: Fresh year highs - background studies improving

Consolidation beneath 0.9250 has given way to anticipated gains.

March gains have posted a fresh year high just below strong resistance at 0.9500, with prices currently trading around 0.9440/50. Rising monthly stochastics are flattening in overbought areas, suggesting room for consolidation in the coming weeks, before the positive monthly Tension Indicator prompts a break.

A close above 0.9500 will help to improve sentiment and open up a test of critical multi-month resistance at the 0.9660 year high of February 2025.

Improving longer-term charts,

point to a later break above 0.9660 towards the 0.9800 Fibonacci retracement.

Meanwhile, immediate support is at congestion around 0.9400.

Flattening overbought weekly stochastics suggest risk of a test beneath here, before further gains unfold. But the rising weekly Tension Indicator should limit scope in renewed buying interest/consolidation within congestion above 0.9300. A close beneath here, if seen, would add weight to sentiment and give way to a deeper retracement into congestion within 0.9200 - 0.9250, where fresh buying interest is expected to appear.