Chart USD/CNH Update: Edging towards 6.7000 figure
Under pressure as consolidation above the 6.7050 low of last week gives way to fresh selling pressure towards the 6.7000 figure
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7630 | * | 21 Jul low | S1 | 6.7000 | ** | 2023 year low | |
| R3 | 6.7540 | ** | Jun low | S2 | 6.6650 | * | congestion | |
| R2 | 6.7400 | * | 7 Aug low, congestion | S3 | 6.6500 | * | congestion | |
| R1 | 6.7150 | * | 26 Aug low | S4 | 6.6150 | * | Jun 2022 low |
Asterisk denotes strength of level
05:10 GMT - Under pressure as consolidation above the 6.7050 low of last week gives way to fresh selling pressure towards the 6.7000 figure and 2023 year low. Break here, if seen, will see scope for extension to the 6.6650/6.6500 congestion area. However, bullish divergence building on weekly studies caution corrective bounce from the broad wedge pattern to retrace losses from the 6.9440 March swing high. Meanwhile, resistance is lowered to 6.7150/6.7200 area. Above here will see room for stronger bounce to the 6.7400 congestion and strong resistance at the 6.7540/6.7630 previous lows.