Chart USD/CNH Update: Edged up from 6.9500 low
Little change, as prices edged up from the 6.9500 level to consolidate at the 6.9600 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.0500/40 | ** | congestion, 3 Dec low | S1 | 6.9500 | * | congestion | |
| R3 | 7.0300 | * | congestion | S2 | 6.9300 | * | congestion | |
| R2 | 6.9960/00 | ** | 8 Jan high, congestion | S3 | 6.9000 | ** | congestion | |
| R1 | 6.9710 | * | Sep 2024 year low | S4 | 6.8700 | * | 76.4% 2023/2025 rally |
Asterisk denotes strength of level
05:40 GMT - Little change, as prices edged up from the 6.9500 level to consolidate at the 6.9600 level and unwind the deep oversold intraday and daily studies. Bounce see resistance starting at the 6.9660/6.9710, 2 January low and September 2024 year low. Regaining this will open up room for stronger corrective bounce to retrace losses from the October swing high to the 6.9800 congestion then the strong resistance at the 6.9960/7.0000 level area. Meanwhile, support at 6.9500 low should underpin. A later break, will further extend losses from the 7.4290 April 2025 year high and see room for extension to support at the 6.9300 congestion and 6.9000 figure.