Chart USD/CHF Update: Pressuring .8775 high, break in focus
Pressure remains on the upside and break above the .8775 high will further extend gains from the .8615 low of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8900 | * | 61.8% May/Sep fall | S1 | 0.8748 | * | 15 Aug high | |
| R3 | 0.8875 | * | 30 Jul high | S2 | 0.8700 | * | congestion | |
| R2 | 0.8825 | * | Jun low | S3 | 0.8650 | * | congestion | |
| R1 | 0.8800 | * | 50% May/Sep fall | S4 | 0.8615 | ** | 4 Nov low |
Asterisk denotes strength of level
05:45 GMT - Pressure remains on the upside and break above the .8775 high will further extend gains from the .8615 low of last week. Break here will further extend the broader gains from the .8375 September YTD low and see scope to target the .8800 figure and 50% Fibonacci retracement level. Higher still, still see scope to the .8825 and .8875 resistance then the .8900 level and 61.8% Fibonacci level. Meanwhile, support is raised to the .8748 then the .8700 level which is expected to underpin. Failure here will return focus to the downside and see deeper pullback to the .8650 congestion and .8615 low.