Chart USD/CNH Update: Extending losses
Break of the 6.7030 low see prices extending losses from the April 2025 year high with focus turning to the wedge support at 6.6800 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7630 | * | 21 Jul low | S1 | 6.6800 | * | wedge | |
| R3 | 6.7540 | ** | Jun low | S2 | 6.6700 | ** | 2023 year low | |
| R2 | 6.7400 | * | 7 Aug low, congestion | S3 | 6.6500 | ** | congestion | |
| R1 | 6.7150 | * | 26 Aug low | S4 | 6.6200 | * | congestion |
Asterisk denotes strength of level
05:35 GMT - Break of the 6.7030 low see prices extending losses from the April 2025 year high with focus turning to the wedge support at 6.6800 level. Would expect reaction at the latter though negative daily and weekly studies keep pressure and the downside and lower will see scope for continuation to the 6.6700, 2023 year low. Bullish divergence on the weekly studies caution corrective bounce with resistance starting at 6.7150, late-August low. Above here will ease the downside pressure and open up room for stronger bounce to strong resistance at the 6.7330/6.7400, congestion and 7 August low.