Published: 2024-10-31T11:30:31.000Z
Chart EUR/CHF Update: Potential for a test of 0.9450
Senior Technical Strategist
2
Cautious trade has given way to a break above 0.9400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9581 | ** | 15 Aug (m) high | S1 | 0.9400 | ** | congestion | |
| R3 | 0.9515 | ** | 76.4% ret of Aug-Sep fall | S2 | 0.9350 | * | congestion | |
| R2 | 0.9500 | ** | congestion | S3 | 0.9327 | * | 24 Oct (w) low | |
| R1 | 0.9450 | break level | S4 | 0.9300/07 | * | congestion; 11 Sep (m) low |
Asterisk denotes strength of level
11:15 GMT - Cautious trade has given way to a break above 0.9400, with prices currently balanced around 0.9410. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for further strength in the coming sessions. Focus is turning to resistance at the 0.9450 break level, but already overbought daily stochastics are expected to limit any initial tests in fresh consolidation. Meanwhile, a break back below congestion support at 0.9400 will open up further congestion around 0.9350, where improving weekly charts should prompt renewed buying interest/consolidation.