Chart USD/CNH Update: Edged up in consolidation from 6.7150 low
Consolidation above the 6.7150 low has given way to bounce 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
03:00 GMT - Consolidation above the 6.7150 low has given way to bounce as prices unwind oversold intraday and daily studies. Resistance starts at 6.7400 congestion then the recent lows at the 6.7540/6.7630 area. Bullish divergence on weekly chart suggest scope for break here to open up room for stronger gains to retrace losses from the 6.8200 June swing high. Higher will see scope to strong resistance at the 6.7800/6.8000 area. A later break of the 6.7150 low will extend the bear trend from the April 2025 year high and see room to the 6.7000, 2023 year low and wedge support from the March swing high.