Published: 2024-04-24T08:24:14.000Z
Chart EUR/CHF Update: Edging higher, but scope to remain limited
Senior Technical Strategist
1
Anticipated gains have broken above 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
09:10 BST - Anticipated gains have broken above 0.9760, with prices currently trading around 0.9770. Daily stochastics are tracking higher and the daily Tension Indicator is also improving, suggesting room for further strength in the coming sessions. Focus is turning to congestion around 0.9800, but deteriorating weekly charts are expected to limit any initial tests in fresh consolidation. Meanwhile, a close back below 0.9760 will turn price action neutral once again and prompt fresh consolidation above strong support at the 0.9684/94 highs from September-November.