Published: 2024-05-08T08:24:58.000Z
Chart EUR/CHF Update: Balanced in cautious trade
Senior Technical Strategist
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Little change, as prices extend consolidation around 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 2023 (w) high | S2 | 0.9722 | * | 3 May (w) low | |
R2 | 0.9842/48 | ** | 22 Jun (m); 4 Apr YTD highs | S3 | 0.9684/94 | ** | Sep-Nov highs | |
R1 | 0.9800 | * | congestion | S4 | 0.9620 | * | 38.2% ret of Dec-Apr rally | |
*Asterisk denotes strength of level
09:15 BST - Little change, as prices extend consolidation around support at 0.9760. Intraday studies are leaning lower, suggesting potential for a test beneath here. However, mixed daily and weekly readings are expected to limit immediate scope in fresh range trade above the 0.9722 weekly low of 3 May. A close beneath here, however, will add weight to sentiment and extend April losses towards the 0.9684/94 highs from September-November. Meanwhile, resistance remains at congestion around 0.9800 and should cap any immediate tests higher.