Chart EUR/CHF Update: Consolidating - studies under pressure
The test of strong support at 0.9684/94 is giving way to further consolidation
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
09:00 BST - The test of strong support at 0.9684/94 is giving way to further consolidation, as mixed intraday studies and a tick higher in oversold daily stochastics keep near-term sentiment cautious. The daily Tension Indicator continues to track lower, however, and overbought weekly stochastics are unwinding, highlighting room for further losses in the coming sessions. A later close below 0.9684/94 will turn sentiment negative and confirm a near-term top in place at the 0.9848 current year high of 4 April, as April losses then target strong support at the 0.9620 Fibonacci retracement. Meanwhile, resistance remains at 0.9760 and should cap any fresh tests higher.