Chart EUR/CHF Update: Choppy trade leaning lower
Choppy trade beneath congestion resistance at 0.9350 has given way to a pullback to congestion support at 0.9300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9490/00 | ** | 61.8% ret; congestion | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9435 | * | 50% ret of Mar-Apr fall | S2 | 0.9260 | break level | ||
| R2 | 0.9400 | * | congestion | S3 | 0.9212 | ** | 11 Apr YTD low | |
| R1 | 0.9350 | ** | congestion | S4 | 0.9200/02 | ** | figure; Nov 2024 (y) low |
Asterisk denotes strength of level
10:50 BST - Choppy trade beneath congestion resistance at 0.9350 has given way to a pullback to congestion support at 0.9300, where oversold intraday studies are prompting fresh (choppy) consolidation. Daily stochastics are unwinding overbought areas and the daily Tension Indicator is turning down, highlighting a deterioration in price action and room for a later break beneath here. Focus will then turn to 0.9260, with room for still deeper losses are broader weekly charts also come under pressure. Meanwhile, resistance remains at congestion around 0.9350 and should cap any immediate tests higher.