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Bearish Correction Still In Play


Bearish Extension


USDCHF Hovering Below Notable Resistance Area

EURO-YEN TECHS: Range Trading Persists Beneath Y133.09-Y133.23 Resistance
*RES 4: Y133.80/87 Feb 12 high, 1% volatility band
*RES 3: Y133.23 50% Fibo of Y137.51-Y128.95
*RES 2: Y133.09 Apr 19 high
*RES 1: Y132.98 Apr 20 high
*PRICE: Y132.69 @0846GMT
*SUP 1: Y132.40/50 Hourly support
*SUP 2: Y132.25 Hourly congestion Apr 20-23
*SUP 3: Y132.04/11 Apr 20, Apr 17 lows
*SUP 4: Y131.81 Apr 12 low
*COMMENTARY* Has become embroiled in congested trading between the Apr 20 low at
Y132.04 and the Apr 19 high at Y133.09. Will need a move out of here, before
direction becomes clear. The latest rally has again failed around Y132.98,
leaving support from between Y132.50-Y132.25 below. Above Y133.09 and still have
the 50% Fibo retrace at Y133.23 to surmount, before a higher Y133.80-Y133.87
rise. Lose Y132.04 however and Y131.81 is the brake to deeper fall.