Chart USD/CNH Update: Consolidating break to fresh high at 7.4290
Settling back from rally to fresh year high at 7.4290 as prices unwind the overbought intraday studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.5300 | projection | S1 | 7.3700 | * | Dec 2024 year high | ||
| R3 | 7.5000 | * | figure | S2 | 7.3500 | ** | congestion | |
| R2 | 7.4620 | projection | S3 | 7.3365 | * | 8 Apr low | ||
| R1 | 7.4290 | ** | 8 Apr YTD high | S4 | 7.3075 | * | Mar high |
Asterisk denotes strength of level
06:10 GMT - Settling back from rally to fresh year high at 7.4290 as prices unwind the overbought intraday studies following sharp break of the 7.3700, December 2024 year high. Prices has since settled back to consolidate at the 7.3700, resistance turned support. Lower still, will see room to the strong support at the 7.3500/7.3365 congestion and 8 April low which is expected to underpin. Break here, if seen, will fade the upside pressure and open up deeper pullback to retrace rally from the 7.2155, March YTD low. Meanwhile, break above the 7.4290 high will see room for further extension of the underlying bull trend to projection target at 7.4620.