Chart USD/CNH Update: Fresh marginal year low - studies under pressure
Little change, as prices extend pressure on congestion support at 6.7750 and post a marginal fresh year low at 6.7720
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.8600 | * | 11 Mar low | S1 | 6.7720/50 | ** | current year low; congestion | |
| R3 | 6.8500 | ** | 29 Apr high, congestion | S2 | 6.7500 | * | congestion | |
| R2 | 6.8200/70 | ** | congestion, Feb low | S3 | 6.7350 | ** | 61.8% ret of 2022-2025 rally | |
| R1 | 6.8000 | * | congestion | S4 | 6.7200 | * | congestion |
Asterisk denotes strength of level
17:10 BST - Little change, as prices extend pressure on congestion support at 6.7750 and post a marginal fresh year low at 6.7720. Daily readings are bearish and the weekly Tension Indicator is turning down, highlighting room for still deeper losses in the coming sessions. A close below 6.7750 will add weight to sentiment and extend April 2025 losses towards historic congestion around 6.7500. Just lower is the 6.7350 Fibonacci retracement. But a tick higher in weekly stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance remains at congestion around 6.8000. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 6.8200/70.