Published: 2024-04-24T08:09:01.000Z
Chart USD/CHF Update: Consolidating - studies turning higher
Senior Technical Strategist
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Cautious trade is giving way to a push higher
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9300 | ** | congestion | S1 | 0.9100 | * | break level | |
R3 | 0.9245 | ** | 3 Oct (m) high | S2 | 0.9060 | break level | ||
R2 | 0.9200 | * | congestion | S3 | 0.9000 | * | break level | |
R1 | 0.9150 | * | congestion, 15 Apr YTD high | S4 | 0.8965 | 25 Mar low |
09:00 BST - Cautious trade is giving way to a push higher, with prices currently pressuring critical resistance at 0.9150. The daily Tension Indicator is falling, suggesting potential for further consolidation beneath here. However, oversold daily stochastics are ticking higher and broader weekly charts are improving, suggesting room for a later break above here and continuation of late-December gains. Subsequent focus will then turn to congestion around 0.9200, with room for continuation towards the 0.9245 monthly high of 3 October. Meanwhile, support remains at 0.9100. A close beneath here would add weight to price action and put focus on 0.9060.