Published: 2024-11-08T06:19:37.000Z
Chart USD/CNH Update: Consolidating, but room to extend losses from 7.2130 high
Technical Analyst
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Turned up from the 7.1415 low to consolidate sharp drop from the 7.2130 high as prices unwind the oversold intraday studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2130 | ** | 7 Nov high | S1 | 7.1415 | ** | 7 Nov low | |
| R3 | 7.2000 | * | congestion | S2 | 7.1200 | * | congestion | |
| R2 | 7.1800 | * | congestion | S3 | 7.1000 | * | figure, congestion | |
| R1 | 7.1650 | * | Oct high | S4 | 7.0840 | ** | 5 Aug low |
Asterisk denotes strength of level
06:15 GMT - Turned up from the 7.1415 low to consolidate sharp drop from the 7.2130 high as prices unwind the oversold intraday studies. Daily studies are mixed and suggest further choppy trade likely though consolidation expected to give way to break later. Lower will see room to the 7.1200/7.1000 congestion then the 7.0840 support. Meanwhile, resistance is lowered to the 7.1650/7.1800 area which is expected to cap. Clearance here needed to expose strong resistance at the 7.2000 congestion and 7.2130 high to retest.