Chart EUR/CHF Update: Leaning lower in range
Still little change, as prices extend cautious trade within the 0.9275 - 0.9300 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | break level | S1 | 0.9275 | 21 Nov low | |||
| R3 | 0.9350 | ** | congestion | S2 | 0.9260 | * | 61.8% ret of Nov-Dec rally | |
| R2 | 0.9325 | congestion | S3 | 0.9230 | ** | 76.4% ret of Nov-Dec rally | ||
| R1 | 0.9300 | ** | congestion | S4 | 0.9210/12 | ** | Apr-Oct lows |
Asterisk denotes strength of level
10:40 GMT - Still little change, as prices extend cautious trade within the 0.9275 - 0.9300 range. Intraday studies have turned down and daily readings are under pressure, highlighting room for fresh losses in the coming sessions. A later break below support at the 0.9275 low of 21 November will open up the 0.9260 Fibonacci retracement. But already oversold daily stochastics could limit any initial tests in consolidation, before bearish weekly charts extend December losses towards the 0.9230 retracement. Meanwhile, resistance remains at congestion around 0.9300. A close above here, if seen, will help to stabilise price action and give way to consolidation beneath further congestion around 0.9325.