Published: 2024-05-01T09:14:23.000Z
Chart EUR/CHF Update: Approaching critical resistance at 0.9842/48
Senior Technical Strategist
2
Consolidation has given way to the anticipated break above 0.9800
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 0.9970 | * | 4 Apr 2023 (m) high | S1 | 0.9800 | * | congestion | |
R3 | 0.9900 | ** | 76.4% ret of 2023 fall | S2 | 0.9760 | * | break level | |
R2 | 0.9880 | * | 27 Apr 23 (w) high | S3 | 0.9684/94 | ** | Sep-Nov highs | |
R1 | 0.9842/48 | ** | 22 Jun (m); 4 Apr YTD highs | S4 | 0.9620 | * | 38.2% ret of Dec-Apr rally | |
*Asterisk denotes strength of level
10:05 BST - Consolidation has given way to the anticipated break above 0.9800, with focus turning to critical resistance at 0.9842/48. Intraday studies are overbought, suggesting any immediate tests could give way to consolidation, before rising daily readings and a tick higher in weekly charts prompt a break. A close above 0.9842/48 would further improve sentiment and extend late-December gains towards strong resistance at the 0.9900 Fibonacci retracement. Meanwhile, a close back below 0.9800 would turn sentiment neutral and promote further consolidation above 0.9760.