Published: 2024-05-01T08:38:34.000Z
Chart USD/CHF Update: Fresh year highs - studies improving
Senior Technical Strategist
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Anticipated gains have reached congestion resistance at 0.9200
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9355 | ** | 50% ret of 2022-2023 fall | S1 | 0.9150/53 | * | congestion, 24 Apr (m) high | |
R3 | 0.9300 | ** | congestion | S2 | 0.9100 | * | break level | |
R2 | 0.9245 | ** | 3 Oct (m) high | S3 | 0.9060 | break level | ||
R1 | 0.9200 | * | congestion | S4 | 0.9000 | * | break level |
09:30 BST - Anticipated gains have reached congestion resistance at 0.9200, with prices currently trading at fresh 2024 highs just above here. Daily stochastics are rising and the daily Tension Indicator is also turning up, suggesting an improvement in sentiment and room for further strength in the coming sessions. Critical resistance is at the 0.9245 monthly high of 3 October. A close above here will further improve sentiment and extend late-December gains initially towards congestion around 0.9300. Meanwhile, support is raised to 0.9150/53. A close beneath here would turn price action neutral once again and prompt fresh consolidation above 0.9100.