Chart USD/CNH Update: Consolidating at 6.7150, fresh year low
Edged up from the 6.7150 fresh year low as prices unwind oversold intraday and daily studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7800 | ** | 3 Jul low | S1 | 6.7150 | * | 26 Aug YTD low | |
| R3 | 6.7630 | * | 21 Jul low | S2 | 6.7000 | ** | 2023 year low | |
| R2 | 6.7540 | ** | Jun low | S3 | 6.6670 | * | 15 Jun 2022 low | |
| R1 | 6.7400 | 7 Aug low, congestion | S4 | 6.6500 | * | congestion |
Asterisk denotes strength of level
02:35 GMT - Edged up from the 6.7150 fresh year low as prices unwind oversold intraday and daily studies. However, the downside remains vulnerable and further losses to extend the bear trend from the April 2025 year high cannot be ruled out. Lower will see room to target the 6.7000, 2023 year low and wedge support from the March bounce high. Meanwhile, bullish divergence remains on weekly chart and caution corrective bounce with resistance starting at 6.7400 low of 7 August. Above here will open up room for stronger bounce to retrace losses from the 6.8200 June swing high to resistance at the 6.7540/6.7630 recent lows.