Published: 2024-04-19T08:02:40.000Z
Chart USD/CHF Update: Consolidating sharp losses - studies under pressure
Senior Technical Strategist
1
The anticipated test lower has bounced smartly from above 0.9000
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9245 | ** | 3 Oct (m) high | S1 | 0.9060 | break level | ||
R3 | 0.9200 | * | congestion | S2 | 0.9000 | * | break level | |
R2 | 0.9150 | * | congestion, 15 Apr YTD high | S3 | 0.8965 | 25 Mar low | ||
R1 | 0.9100 | * | break level | S4 | 0.8840 | * | 38.2% ret of Dec-Apr rally |
08:55 BST - The anticipated test lower has bounced smartly from above 0.9000, with volatile trade giving way to fresh consolidation above 0.9060. Intraday studies are negative and daily readings are also under pressure, highlighting a bearish tone and room for further tests lower in the coming sessions. A fresh break below 0.9060 will open up 0.9000, with a further close beneath here confirming a near-term top in place at the 0.9150 current year high of 15 April. Meanwhile, any immediate tests higher should meet selling interest beneath here.