Chart USD/CNH Update: Higher in consolidation
Edged up from the 6.7635 low as prices consolidate losses from the 6.8200 June high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.8200 | ** | Jun high | S1 | 6.7635 | * | 21 Jul low | |
| R3 | 6.8100 | * | 8 Jul high | S2 | 6.7540 | ** | 17 Jun YTD low | |
| R2 | 6.8000 | * | congestion | S3 | 6.7350 | * | 61.8% 2022/2025 rally | |
| R1 | 6.7800 | ** | 3 Jul low | S4 | 6.7200 | congestion |
Asterisk denotes strength of level
06:10 GMT - Edged up from the 6.7635 low as prices consolidate losses from the 6.8200 June high. Bounce see resistance starting at 6.7800 and lift over this is needed to fade the downside pressure and see room for stronger gains to retrace losses from the 6.8200 June high. Positive daily studies and bullish divergence on weekly chart suggest scope for break to open up room to the 6.8000 level. Above here will see room to retest the 6.8100 and 6.8200 highs. Meanwhile, support is at 6.7635 low. Would take break here to expose 6.7540 June current year low to retest and see scope to extend the underlying bear trend from the April 2025 year high.