Published: 2024-10-23T06:09:32.000Z
Chart USD/CNH Update: Extending consolidation below the 7.1410/7.1500 resistance
Technical Analyst
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Little change, as prices extend consolidation below the 7.1410/7.1500, Fibonacci retracement and congestion area
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1945 | * | 7 Aug high | S1 | 7.1000 | ** | congestion | |
| R3 | 7.1810 | * | 61.8% Jul/Sep fall | S2 | 7.0840 | * | 5 Aug low | |
| R2 | 7.1650 | * | May low | S3 | 7.0700 | * | 30 Aug low | |
| R1 | 7.1410 | ** | 50% Jul/Sep fall | S4 | 7.0500 | * | congestion |
Asterisk denotes strength of level
06:05 GMT - Little change, as prices extend consolidation below the 7.1410/7.1500, Fibonacci retracement and congestion area. However, daily studies remains positive and break here cannot be ruled out to further retrace the July/September losses. Higher will see room for extension to the 7.1650 resistance. However, gains are seen corrective and expected to give way to fresh selling pressure later. Meanwhile, support remains at the 7.1000 congestion and see break here needed to weaken and open up the August lows at the 7.0840/7.0700 area to retest.