Chart USD/CHF Update: Cautious trade
The anticipated pullback from congestion resistance at 0.8300 is giving way to consolidation above congestion support at 0.8200
| 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
09:00 BST - The anticipated pullback from congestion resistance at 0.8300 is giving way to consolidation above congestion support at 0.8200, as oversold intraday studies unwind, with prices currently trading around 0.8240. Daily readings are leaning lower, suggesting room for a later test below 0.8200. But oversold weekly stochastics are rising, suggesting immediate scope could be limited to consolidation above further congestion around 0.8100. Meanwhile, resistance remains at 0.8300 and is expected to continue capping higher levels. A close above here, if seen, will improve sentiment and open up 0.8400, where bearish longer-term readings are expected to prompt fresh selling interest.