Published: 2024-12-11T05:53:36.000Z
Chart USD/CNH Update: Consolidating test of 7.2500 support, room for lower later
Technical Analyst
2
No follow-through on break of the 7.2500 level as prices consolidate losses from the 7.3150 high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3150 | ** | 3 Dec high | S1 | 7.2420 | 10 Dec low | ||
| R3 | 7.3000 | * | figure, congestion | S2 | 7.2250 | ** | 18 Nov low | |
| R2 | 7.2800 | * | congestion | S3 | 7.2130 | 13 Nov low | ||
| R1 | 7.2730 | * | 26 Nov high | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
05:50 GMT - No follow-through on break of the 7.2500 level as prices consolidate losses from the 7.3150 high. However, negative daily studies suggest room for break here to open up deeper pullback to the strong support at the 7.2250 low. Break here will open up deeper losses to retrace the September/December rally and see room to the 7.2130 support then the 7.2000 congestion. Meanwhile, resistance remains at the 7.2730/7.2800 area and this is expected to cap and sustain rejection from the 7.3150 high.