Published: 2024-12-06T07:20:41.000Z
Chart USD/CHF Update: Extending losses from the .8958, November high
Technical Analyst
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Break of the .8800 level confirm a top pattern at the .8958 high and see room for deeper pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9000 | * | congestion | S1 | 0.8750 | * | congestion | |
| R3 | 0.8958 | ** | 22 Nov high | S2 | 0.8735 | * | 38.2% Sep/Nov rally | |
| R2 | 0.8890 | * | 3 Dec high | S3 | 0.8700 | * | congestion | |
| R1 | 0.8850 | congestion | S4 | 0.8665 | * | 50% Sep/Nov rally |
Asterisk denotes strength of level
07:20 GMT - Break of the .8800 level confirm a top pattern at the .8958 high and see room for deeper pullback to retrace gains from the September low. Daily studies have turned lower from overbought readings and suggest room to the .8750 congestion. Lower still, will see scope to .8735, 38.2% Fibonacci level then the .8700 congestion. Meanwhile, resistance is lowered to the .8850 congestion and this extend to the .8890 lower high. This area is now expected to cap and sustain losses from the .8858 high of November.