Published: 2024-12-20T05:21:23.000Z
Chart USD/CNH Update: Consolidating below 7.3300 level
Technical Analyst
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Further gains has seen extension to fresh year high at 7.3270
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3750 | ** | 25 Oct 2022 year high | S1 | 7.3000 | * | figure, congestion | |
| R3 | 7.3680 | ** | 8 Sep 2023 year high | S2 | 7.2800 | * | congestion | |
| R2 | 7.3500 | * | Aug 2023 high | S3 | 7.2500 | * | congestion | |
| R1 | 7.3300 | * | congestion | S4 | 7.2250 | ** | 18 Nov low |
Asterisk denotes strength of level
05:20 GMT - Further gains has seen extension to fresh year high at 7.3270 before giving way to selling pressure as prices unwind overbought intraday studies. Daily chart are stretched as well and suggest consolidation likely before further bull extension. Break above 7.3300 congestion will see room to the August 2023 high at 7.3500. Meanwhile, support is raised to the 7.3000 congestion which should underpin. Would take break here to open up deeper correction to retrace strong gains from the September low to the 7.2800 and 7.2500 support.