Chart EUR/CHF Update: Consolidating tests lower - daily studies under pressure
The anticipated break below 0.9400 has bounced from just above congestion support at 0.9350
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | * | congestion | S1 | 0.9350 | ** | congestion | |
| R3 | 0.9490/00 | ** | 61.8% ret; congestion | S2 | 0.9300 | ** | congestion | |
| R2 | 0.9435 | * | 50% ret of Mar-Apr fall | S3 | 0.9260 | break level | ||
| R1 | 0.9400 | * | congestion | S4 | 0.9212 | ** | 11 Apr YTD low |
Asterisk denotes strength of level
10:55 BST - The anticipated break below 0.9400 has bounced from just above congestion support at 0.9350, as oversold intraday studies unwind, with prices currently trading around 0.9385. A test of congestion resistance at 0.9400 cannot be ruled out. But negative daily readings are expected to prompt renewed selling interest towards here. Following cautious trade, a break below 0.9350 is looked for. But rising weekly charts should limit losses in renewed buying interest towards 0.9300. Meanwhile, a close back above 0.9400 will help to stabilise price action and give way to consolidation beneath critical resistance at the 0.9435 Fibonacci retracement.