Published: 2024-11-19T09:59:07.000Z
Chart EUR/CHF Update: Under pressure
Senior Technical Strategist
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Cautious trade has given way to the anticipated break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | congestion | S1 | 0.9300 | * | congestion | |
| R3 | 0.9445/50 | * | 1 Nov (w) high; break level | S2 | 0.9200/10 | ** | figure; 5 Aug all-time low | |
| R2 | 0.9400 | ** | congestion | S3 | 0.9150 | figure | ||
| R1 | 0.9350 | * | congestion | S4 | 0.9100 | figure |
Asterisk denotes strength of level
09:50 GMT - Cautious trade has given way to the anticipated break lower, with prices currently finding support just above 0.9300. Intraday studies are under pressure and daily readings continue to track lower, highlighting a bearish tone and room for further losses in the coming sessions. A close below here will add weight to price action and open up a test of critical support at 0.9200 and the 0.9210 all-time low of 5 August. Meanwhile, a close back above congestion resistance at 0.9350 will help to stabilise price action and give way to consolidation beneath further congestion around 0.9400.