Chart EUR/CHF Update: Leaning lower
The anticipated test higher has met expected selling interest at the 0.9267 monthly high of 31 March
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9325 | * | congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9295/00 | ** | 76.4% ret; congestion | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9275 | * | Dec-Jan range lows, break level | S3 | 0.9150 | ** | break level | |
| R1 | 0.9267 | ** | 31 Mar (m) high | S4 | 0.9100 | ** | break level |
Asterisk denotes strength of level
11:05 BST - The anticipated test higher has met expected selling interest at the 0.9267 monthly high of 31 March, with prices falling steadily to currently trade around 0.9220. Daily stochastics continue to track lower and the positive daily Tension Indicator is flattening, suggesting room for further losses in the coming sessions. Support is at the 0.9200 break level and extends to congestion around 0.9180. A break beneath this range will add weight to sentiment and extend losses towards 0.9150. However, positive weekly charts should limit any initial tests in renewed consolidation. Meanwhile, a close above 0.9267, not yet seen, will turn price action positive and extend March gains into the broad 0.9275 - 0.9295/00 range.