Chart USD/CHF Update: Bouncing from support
Cautious trade above congestion support at 0.8150 is giving way to a bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8350 | * | break level | S1 | 0.8150 | congestion | ||
| R3 | 0.8300 | * | congestion lows | S2 | 0.8120 | ** | 61.8% ret of Aug-Oct rally | |
| R2 | 0.8250 | congestion | S3 | 0.8100 | ** | congestion | ||
| R1 | 0.8200 | * | congestion | S4 | 0.8055 | ** | 76.4% ret of Aug-Oct rally |
Asterisk denotes strength of level
09:15 GMT - Cautious trade above congestion support at 0.8150 is giving way to a bounce, with prices currently trading around 0.8185. Intraday studies are rising and oversold daily stochastics are flattening, suggesting room for continuation towards congestion resistance at 0.8200. However, the bearish daily Tension Indicator and negative weekly charts should limit any immediate tests in consolidation. A close above here will help to delay any downside tests and give way to consolidation/range extension beneath further congestion around 0.8250.
Meanwhile, support remains at 0.8150. A close beneath here, not yet seen, will add fresh weight to sentiment and extend losses from the 0.8395 current year high of 14 October initially to the 0.8120 Fibonacci retracement. Beneath here is congestion around 0.8100.