Chart EUR/CHF Update: Choppy trade - studies under pressure
The test below support at the 0.9275 congestion lows has bounced from 0.9265~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | break level | S1 | 0.9275 | ** | congestion lows | ||
| 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 range lows |
Asterisk denotes strength of level
10:55 GMT - The test below support at the 0.9275 congestion lows has bounced from 0.9265~, as oversold intraday studies unwind, with prices currently pressuring congestion resistance at 0.9300. A test above here cannot be ruled out. But deteriorating daily readings and negative weekly charts should limit scope in renewed selling interest beneath further congestion around 0.9325. Following cautious trade, fresh losses are looked for. A close below 0.9275 will add weight to sentiment and open up the 0.9260 Fibonacci retracement. A further break will extend December losses towards the 0.9230 retracement. Meanwhile, a close above 0.9325, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.9350.