Chart EUR/CHF Update: Smart reversal lower
The anticipated break above resistance at the 0.9485 Fibonacci retracement and 0.9500 has been pushed back from 0.9515
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9555 | ** | 61.8% ret of Jul-Nov fall | S1 | 0.9450 | * | break level | |
| R3 | 0.9515 | * | 24 Jan (w) high | S2 | 0.9400 | ** | congestion | |
| R2 | 0.9500 | ** | break level | S3 | 0.9350 | * | congestion | |
| R1 | 0.9485 | ** | 50% ret of Jul-Nov fall | S4 | 0.9300 | * | congestion |
Asterisk denotes strength of level
09:50 GMT - The anticipated break above resistance at the 0.9485 Fibonacci retracement and 0.9500 has been pushed back from 0.9515, with prices falling swiftly towards support at 0.9450. Intraday studies are falling and overbought daily stochastics are also unwinding, highlighting room for a test beneath here towards congestion around 0.9400. However, the positive daily Tension Indicator and mixed weekly charts are expected to limit any initial tests in renewed consolidation. Meanwhile, a close back above 0.9485/00 is needed to turn sentiment positive once again and extend December gains towards the 0.9555 retracement.