Chart EUR/CHF Update: Cautious trade - studies edging higher
Little change, as prices extend consolidation above support at 0.9760
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 0.9900 | ** | 76.4% ret of 2023 fall | S1 | 0.9760 | * | break level | |
R3 | 0.9880 | * | 27 Apr 23 (w) high | S2 | 0.9684/94 | ** | Sep-Nov highs | |
R2 | 0.9842/48 | ** | 22 Jun (m); 4 Apr YTD highs | S3 | 0.9620 | * | 38.2% ret of Dec-Apr rally | |
R1 | 0.9800 | * | congestion | S4 | 0.9600 | * | congestion | |
*Asterisk denotes strength of level
09:15 BST - Little change, as prices extend consolidation above support at 0.9760. Oversold intraday studies are unwinding and daily readings are improving, suggesting potential for a move back towards congestion resistance at 0.9800. Initial tests could give way to further consolidation, as intraday studies become overstretched. However, broader weekly charts are also improving, suggesting room for a later break and continuation of late-December gains towards critical resistance at 0.9842/48. Meanwhile, a close below 0.9760 would add weight to sentiment and prompt a swift fall towards strong support at the 0.9684/94 highs from September-November, where fresh buying interest is expected to appear.