Published: 2025-01-10T05:05:59.000Z
Chart USD/CNH Update: Poised for retest of 7.3680/7.3700 highs
Technical Analyst
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Range-bound in consolidation but pressure building on the upside to approach resistance at the 7.3680/7.3700 highs
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.4000 | * | figure | S1 | 7.3270 | * | 19 Dec high | |
| R3 | 7.3750 | ** | 2022 year high | S2 | 7.3110 | ** | Jul 2024 high | |
| R2 | 7.3700 | ** | 2024 year high | S3 | 7.3000 | * | congestion | |
| R1 | 7.3680 | * | 2023 year high | S4 | 7.2850 | * | 23 Dec low |
Asterisk denotes strength of level
05:00 GMT - Range-bound in consolidation but pressure building on the upside to approach resistance at the 7.3680/7.3700 highs. The ascending triangle suggest scope for break here to further extend strong gains from the September low. Break will see room to retest 7.3750 year high of 2022. Beyond this, will see room for extension to the 7.4000 figure. Meanwhile, support is raised to 7.3270 the 19 December high which should underpin. Below this will see room for deeper pullback to the strong support at the 7.3110/7.3000 area.