Chart USD/CHF Update: Limited downside tests
The anticipated retest of congestion resistance at 0.8300 is giving way to renewed selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | congestion | S1 | 0.8200 | minor congestion | ||
| R3 | 0.8480 | ** | 38.2% ret of Jan-Apr fall | S2 | 0.8100 | minor congestion | ||
| R2 | 0.8400 | * | Aug-Sep 2024 range lows | S3 | 0.8038 | ** | 21 Apr YTD low | |
| R1 | 0.8300 | ** | congestion | S4 | 0.8000 | ** | figure |
Asterisk denotes strength of level
09:55 BST - The anticipated retest of congestion resistance at 0.8300 is giving way to renewed selling interest, as intraday studies turn down, with prices currently balanced around 0.8260. Flattening overbought daily stochastics highlight potential for a drift lower towards support at 0.8200. But the positive daily Tension Indicator and a tick higher in oversold weekly stochastics are expected to limit any tests in renewed consolidation. Meanwhile, a close above 0.8300, if seen, will improve sentiment and open up 0.8400, where mixed weekly charts and bearish longer-term readings are expected to prompt fresh selling interest.