Published: 2024-04-30T08:15:21.000Z
Chart USD/CHF Update: Range extension
Senior Technical Strategist
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Still little change
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9300 | ** | congestion | S1 | 0.9100 | * | break level | |
R3 | 0.9245 | ** | 3 Oct (m) high | S2 | 0.9060 | break level | ||
R2 | 0.9200 | * | congestion | S3 | 0.9000 | * | break level | |
R1 | 0.9150/53 | * | congestion, 24 Apr YTD high | S4 | 0.8965 | 25 Mar low |
09:00 BST - Still little change, as prices extend consolidation at current 2024 year highs. The test of support at 0.9100 has given way to a bounce, as oversold intraday studies unwind, with immediate focus turning to critical resistance at 0.9150/53. Oversold daily stochastics are also unwinding, suggesting potential for a test above here. However, the bearish daily Tension Indicator and mixed/negative weekly charts should limit scope in fresh selling interest towards congestion around 0.9200. Meanwhile, a close below 0.9100 will add weight to sentiment and open up 0.9060. However, mixed weekly charts are expected to limit any deeper losses in consolidation towards 0.9000.