Chart USD/CHF Update: Consolidating - studies rising
Little change, as mixed intraday studies and unwinding overbought daily stochastics keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8170~ | ** | 1 Aug YTD high | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8100 | * | congestion | S2 | 0.7950 | * | recent lows | |
| R2 | 0.8075 | 9 Oct (w) high | S3 | 0.7900 | congestion | |||
| R1 | 0.8050 | break level | S4 | 0.7850 | ** | 76.4% ret of 2011-2016 rally |
Asterisk denotes strength of level
09:15 BST - Little change, as mixed intraday studies and unwinding overbought daily stochastics keep near-term sentiment cautious and extend consolidation beneath resistance at 0.8050. The daily Tension Indicator is rising, however, and broader weekly charts are positive, highlighting room for fresh gains in the coming sessions. A break above 0.8050 will open up congestion around 0.8100, via the 0.8075 weekly high of 9 October. But a further close above the 0.8170~ current year high of 1 August would complete a multi-month accumulation base and extend mid-September gains beyond 0.8200. Meanwhile, any tests below congestion support at 0.8000 should meet renewed buying interest above the 0.7950 recent lows.