Chart EUR/CHF Update: Consolidating - limited tests higher
Little change, as prices extend cautious trade above support at 0.9684/94
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 0.9900 | ** | 76.4% ret of 2023 fall | S1 | 0.9684/94 | ** | Sep-Nov highs | |
R3 | 0.9842/48 | ** | 22 Jun (m); 4 Apr YTD highs | S2 | 0.9620 | * | 38.2% ret of Dec-Apr rally | |
R2 | 0.9800 | * | congestion | S3 | 0.9600 | * | congestion | |
R1 | 0.9760 | * | break level | S4 | 0.9550/60 | ** | 50% ret of Dec-Apr rally; 7 Mar (w) low | |
*Asterisk denotes strength of level
09:00 BST - Little change, as prices extend cautious trade above support at 0.9684/94. Oversold daily stochastics have ticked higher and the the bearish daily Tension Indicator is flattening, suggesting potential for a test higher in the coming sessions. Resistance is at 0.9760. However, negative weekly charts are expected to limit any initial tests in fresh consolidation. A close above here, if seen, will turn sentiment cautiously positive and open up congestion around 0.9800. Following cautious trade, fresh losses are looked for. A close below 0.9684/94 is needed to turn sentiment negative and confirm a near-term top in place at the 0.9848 current year high of 4 April. Subsequent focus will then turn initially to the 0.9620 Fibonacci retracement and congestion around 0.9600.