Published: 2024-05-08T08:12:55.000Z
Chart USD/CHF Update: Limited scope above 0.9100
Senior Technical Strategist
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Little change, as prices drift higher in quiet trade towards resistance at 0.9100
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9224 | * | 1 May YTD high | S1 | 0.9060 | break level | ||
R3 | 0.9200 | * | congestion | S2 | 0.9035 | * | 38.2% ret of Mar-May rally | |
R2 | 0.9150 | * | congestion | S3 | 0.9000/05 | * | break level; 3 May (w) low | |
R1 | 0.9100 | * | break level | S4 | 0.8980 | ** | 50% ret of Mar-May rally |
09:00 BST - Little change, as prices drift higher in quiet trade towards resistance at 0.9100, where overbought intraday studies could prompt fresh consolidation. Oversold daily stochastics are unwinding, suggesting room for a later break. However, the falling daily Tension Indicator and deteriorating weekly charts are expected to limit scope in renewed selling interest towards congestion around 0.9150. Following cautious trade, fresh losses are looked for. A later break back below 0.9060 will open up 0.9000/35, with a close beneath here adding weight to sentiment and extending losses below the 0.8980 Fibonacci retracement towards the 0.8920 retracement.