Chart USD/CHF Update: Room for lower

Asterisk denotes strength of level

09:10 BST - Anticipated losses have reached 0.7915, where a tick higher in oversold intraday studies is prompting a short-term bounce back to 0.7940. Daily readings continue to track lower and weekly stochastics are also under pressure, highlighting room for continuation of August losses towards congestion support at 0.7900. Beneath here is the 0.7872 current year low of 1 July. But the rising weekly Tension Indicator could limit any initial tests in consolidation, before prices continue lower. A close below the 0.7850 Fibonacci retracement is needed to turn sentiment outright negative and confirm continuation of 2016 losses. Meanwhile, resistance remains at congestion around 0.8000. A close back above here, if seen, will turn sentiment neutral and prompt consolidation beneath 0.8050.