Chart EUR/CHF Update: Consolidating - background studies rising
Cautious trade above congestion support at 0.9230 has given way to a drift higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9330 | * | congestion highs | S1 | 0.9230 | congestion | ||
| R3 | 0.9300 | ** | congestion | S2 | 0.9200 | ** | break level | |
| R2 | 0.9280 | ** | 14 Jul (w) high | S3 | 0.9180 | ** | congestion | |
| R1 | 0.9267 | ** | 31 Mar (m) high | S4 | 0.9150 | ** | congestion |
Asterisk denotes strength of level
10:40 BST - Cautious trade above congestion support at 0.9230 has given way to a drift higher, with prices currently balanced around 0.9250. Just higher is resistance at the 0.9267 monthly high of 31 March and the 0.9280 weekly high of 14 July. Mixed/negative daily readings could limit any initial tests of this range in consolidation, before rising weekly charts prompt fresh gains. A close above the 0.9280 weekly high of 14 July would turn sentiment positive and confirm continuation of March gains, initially towards congestion around 0.9300. Meanwhile, support remains at congestion around 0.9230. A close beneath here, if seen, will open up 0.9200, where fresh consolidation is expected to appear.