Published: 2024-05-10T08:13:14.000Z
Chart USD/CHF Update: Consolidating - daily studies leaning lower
Senior Technical Strategist
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Consolidation beneath resistance at 0.9100 has given way to a drift lower to support at 0.9060
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 |
09:05 BST - Consolidation beneath resistance at 0.9100 has given way to a drift lower to support at 0.9060, where unwinding oversold intraday studies are prompting fresh consolidation. Oversold daily stochastics have ticked lower once again and the daily Tension Indicator is falling, suggesting potential for a later break towards the 0.9035 Fibonacci retracement. Still lower is 0.9000, with deteriorating weekly charts highlighting room for further continuation beneath here towards the 0.8980 Fibonacci retracement. Meanwhile, a close above 0.9100, if seen, will open up 0.9150, where fresh selling interest is looked for.