Published: 2024-04-15T08:20:49.000Z
Chart EUR/CHF Update: Consolidating losses - studies continue to track lower
Senior Technical Strategist
2
The test of strong support at 0.9684/94 is giving way to anticipated short-covering
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 | 0.9650 | congestion | ||
R2 | 0.9800 | * | congestion | S3 | 0.9620 | * | 38.2% ret of Dec-Apr rally | |
R1 | 0.9760 | * | break level | S4 | 0.9600 | * | congestion | |
*Asterisk denotes strength of level
09:10 BST - The test of strong support at 0.9684/94 is giving way to anticipated short-covering, as oversold intraday studies unwind, with prices currently balanced around 0.9725. Resistance is lowered to 0.9760, but daily readings continue to track lower and overbought weekly stochastics are unwinding, suggesting any further gains should meet fresh selling interest towards here. In the coming sessions, cautious trade is expected to give way to further losses. However, a close below 0.9684/94 is needed to turn sentiment negative and extend April losses towards the 0.9620 Fibonacci retracement.