Published: 2024-05-07T08:28:08.000Z
Chart EUR/CHF Update: Consolidating - gains to remain limited
Senior Technical Strategist
2
The break below 0.9760 has bounced from 0.9722
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 - The break below 0.9760 has bounced from 0.9722, with prices once again balanced around 0.9760. Continuation beyond here will open up congestion around 0.9800, but overbought intraday studies and negative daily readings should prompt fresh selling interest towards here. In the coming sessions, cautious trade is expected to give way to fresh tests lower. A close below the 0.9722 weekly low of 3 May will add weight to sentiment and extend April losses towards the 0.9684/94 highs from September-November.