Chart EUR/CHF Update: Leaning lower
Cautious trade is giving way to the anticipated drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9295/00 | ** | 76.4% ret; congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9275 | * | Dec-Jan range lows, break level | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9267 | ** | 31 Mar (m) high | S3 | 0.9150 | ** | break level | |
| R1 | 0.9225 | break level | S4 | 0.9100 | ** | break level |
Asterisk denotes strength of level
10:55 BST - Cautious trade is giving way to the anticipated drift lower, with prices currently pressuring support at congestion around 0.9180 and the 0.9200 break level. Oversold intraday studies are unwinding, suggesting initial tests of this range could give way to consolidation. But negative daily readings and a tick lower in overbought weekly stochastics highlight room for a later break and continuation of late-March losses towards support at 0.9150. Meanwhile, resistance is at the 0.9225 break level. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath strong resistance at the 0.9267 monthly high of 31 March.