Chart USD/CNH Update: Consolidating, but room for lower
Little change, as prices edged up in range from fresh year low at 6.7050 to unwind oversold intraday and daily studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7630 | * | 21 Jul low | S1 | 6.7050 | * | 4 Sep YTD low | |
| R3 | 6.7540 | ** | Jun low | S2 | 6.7000 | ** | 2023 year low | |
| R2 | 6.7400 | * | 7 Aug low, congestion | S3 | 6.6670 | * | 15 Jun 2022 low | |
| R1 | 6.7150 | * | 26 Aug low | S4 | 6.6500 | * | congestion |
Asterisk denotes strength of level
05:45 GMT - Little change, as prices edged up in range from fresh year low at 6.7050 to unwind oversold intraday and daily studies. However, pressure remains on the downside and further losses cannot be ruled out. Lower will extend losses from the April 2025 year high to the 6.7000, 2023 year low. Break here, will see scope to support at 6.6500 congestion area. Meanwhile, bullish divergence still building on weekly studies caution corrective bounce to retrace losses from the 6.9440 March swing high. Would take break above the 6.7330/6.7400 area to see room to strong resistance at the 6.7540/6.7630 previous lows.