Published: 2024-04-25T08:15:25.000Z
Chart EUR/CHF Update: Room for still higher
Senior Technical Strategist
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Little change to the bullish tone
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
09:05 BST - Little change to the bullish tone, with prices currently pressuring congestion resistance at 0.9800. Overbought intraday studies are flattening, suggesting potential for short-term consolidation around here. However, daily readings are rising, pointing to room for a later break and continuation towards critical resistance at 0.9842/48. Meanwhile, support remains at 0.39760. A close beneath here would turn price action neutral once again and prompt fresh consolidation above strong support at the 0.9684/94 highs from September-November.