Chart EUR/CHF Update: Limited tests higher
Still little change, as prices extend cautious trade within the 0.9125 - 0.9150 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9225 | break level | S1 | 0.9125 | ** | 50% ret of March rally | ||
| R3 | 0.9200 | ** | break level | S2 | 0.9100 | ** | congestion | |
| R2 | 0.9180 | ** | congestion | S3 | 0.9090 | ** | 61.8% ret of March rally | |
| R1 | 0.9150 | ** | congestion | S4 | 0.9070 | break level |
Asterisk denotes strength of level
10:35 BST - Still little change, as prices extend cautious trade within the 0.9125 - 0.9150 range. Intraday studies are rising and oversold daily stochastics are unwinding, highlighting room for a test above congestion resistance at 0.9150. But the bearish daily Tension Indicator and negative weekly charts should limit scope in renewed selling interest/consolidation towards further congestion around 0.9180. Following cautious/corrective trade, fresh losses are looked for. A later break below support at the 0.9125 Fibonacci retracement will add weight to sentiment and extend late-March losses towards congestion support at 0.9100. Just lower is the 0.9090 Fibonacci retracement. But already oversold daily stochastics could limit any initial tests of this range in short-covering/consolidation.