Published: 2024-05-02T08:26:08.000Z
Chart EUR/CHF Update: Choppy beneath critical resistance at 0.9842/48
Senior Technical Strategist
2
Anticipated consolidation beneath critical resistance at 0.9842/48 has given way to a smart pullback
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 - Anticipated consolidation beneath critical resistance at 0.9842/48 has given way to a smart pullback, as overbought intraday studies unwind, with prices currently finding support just beneath 0.9760. Daily readings are rising, suggesting fresh range trade above here, but if broken, sentiment will turn negative as swift losses then focus on the 0.9684/94 highs from September-November. Meanwhile, resistance is lowered to congestion around 0.9800 and extends to 0.9842/48. A close above here would further improve sentiment and extend late-December gains towards strong resistance at the 0.9900 Fibonacci retracement.