Published: 2024-05-07T08:11:47.000Z
Chart USD/CHF Update: Limited tests higher
Senior Technical Strategist
1
Consolidation following the test of support within 0.9000/35 is giving way to a drift higher
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 - Consolidation following the test of support within 0.9000/35 is giving way to a drift higher. Focus is turning to resistance at 0.9100, but mixed intraday studies and mixed/negative daily readings are expected to limit any tests in fresh consolidation. A break, if seen, will open up congestion around 0.9150, but deteriorating weekly charts should prompt fresh selling interest towards here. Following cautious trade, fresh losses are looked for. A 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.