Chart USD/CHF Update: Cautious trade - studies improving
Cautious trade around congestion resistance at 0.7900 has given way to a pullback to 0.7860~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8000 | ** | congestion | S1 | 0.7850 | * | congestion | |
| R3 | 0.7950 | * | congestion | S2 | 0.7800 | * | congestion | |
| R2 | 0.7925 | ** | 29 Apr (w) high | S3 | 0.7770 | ** | 61.8% ret of Jan-Mar rally | |
| R1 | 0.7900 | ** | congestion | S4 | 0.7750 | * | congestion |
Asterisk denotes strength of level
09:00 BST - Cautious trade around congestion resistance at 0.7900 has given way to a pullback to 0.7860~, before settling into choppy trade around 0.7875. Daily readings continue to rise and broader weekly charts are also improving, highlighting room for fresh tests higher in the coming sessions. A later break above 0.7900 will open up the 0.7925 weekly high of 29 April. A further close above here would improve sentiment and extend early-May gains towards congestion around 0.7950. Meanwhile, support remains at congestion around 0.7850. A close beneath here, if seen, would add weight to sentiment and prompt deeper losses towards further congestion around 0.7800.