Chart USD/CHF Update: Sharp pullback from fresh year highs
The break above 0.9200 has been pushed back sharply from the 0.9224 fresh year high of 1 May
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9245 | ** | 3 Oct (m) high | S1 | 0.9100 | * | break level | |
R3 | 0.9224 | * | 1 May YTD high | S2 | 0.9060 | break level | ||
R2 | 0.9200 | * | congestion | S3 | 0.9000 | * | break level | |
R1 | 0.9150 | * | congestion | S4 | 0.8964 | * | 25 Mar (w) low |
09:00 BST - The break above 0.9200 has been pushed back sharply from the 0.9224 fresh year high of 1 May, as intraday studies track lower, with prices currently balanced in choppy trade above 0.9100. Rising daily readings are flattening, and overbought weekly stochastics are unwinding, suggesting a deterioration in sentiment and room for further losses in the coming sessions. A close below 0.9100 will add weight to sentiment and open up 0.9060. However, a further close below 0.9000 is needed to turn sentiment outright negative and confirm a near-term top in place at 0.9224. Meanwhile, any fresh tests higher should fade beneath here, but if broken, sentiment will turn positive as late-December gains then target critical resistance at the 0.9245 monthly high of 3 October.