Published: 2024-05-03T08:29:00.000Z
Chart EUR/CHF Update: Choppy trade to turn lower
Senior Technical Strategist
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Little change, as prices extend choppy trade around 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 23 (w) high | S2 | 0.9684/94 | ** | Sep-Nov highs | |
R2 | 0.9842/48 | ** | 22 Jun (m); 4 Apr YTD highs | S3 | 0.9620 | * | 38.2% ret of Dec-Apr rally | |
R1 | 0.9800 | * | congestion | S4 | 0.9600 | * | congestion | |
*Asterisk denotes strength of level
09:20 BST - Little change, as prices extend choppy trade around 0.9760. Intraday studies are under pressure and daily readings have turned down, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A close below 0.9760 will add fresh weight to sentiment and prompt a (probably) swift pullback towards the 0.9684/94 highs from September-November. Meanwhile, resistance remains at congestion around 0.9800 and extends to 0.9842/48. A close above here would turn price action outright positive and extend late-December gains towards strong resistance at the 0.9900 Fibonacci retracement.