Chart USD/CHF Update: Fresh year lows - studies under pressure
Cautious trade has given way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8300 | ** | congestion | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8250 | congestion | S2 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R2 | 0.8200 | * | congestion | S3 | 0.7800 | figure | ||
| R1 | 0.8100 | congestion | S4 | 0.7710 | ** | September 2011 low |
Asterisk denotes strength of level
09:20 BST - Cautious trade has given way to anticipated losses, with prices currently trading at fresh year lows around congestion support at 0.8000. Daily readings are negative and broader weekly charts are under pressure, highlighting a bearish tone and room for deeper losses in the coming sessions. A break beneath 0.8000 will extend multi-year losses from December 2016 towards the 0.7850 Fibonacci retracement. However, already oversold daily stochastics could limit any initial tests in consolidation. Meanwhile, resistance remains at congestion around 0.8100, A close above here, if seen, would turn sentiment neutral and prompt consolidation beneath further congestion around 0.8200.