Chart USD/CNH Update: Higher in consolidation above 7.2345/7.2260 lows
Bounce from the 7.2260 support see prices unwinding the oversold intraday studies and consolidating losses from the 7.3070 high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3250 | * | 12 Feb high | S1 | 7.2260 | ** | 24 Feb YTD low | |
| R3 | 7.3070 | ** | 3 Mar high | S2 | 7.2175 | * | 38.2% Sep/Dec rally | |
| R2 | 7.2850 | * | congestion | S3 | 7.2000 | * | congestion | |
| R1 | 7.2700 | * | congestion | S4 | 7.1860 | * | 11 Nov low |
Asterisk denotes strength of level
04:50 GMT - Bounce from the 7.2260 support see prices unwinding the oversold intraday studies and consolidating losses from the 7.3070 high of last week. However, gains are seen limited with resistance starting at 7.2700 and extending to the 7.2850 congestion. Only above the latter will see room for stronger bounce to retest the 7.3000/70 resistance. Corrective bounce are expected to meet with selling pressure later and break of the 7.2345 and 7.2260 lows will confirm a double top at the December/February highs and open up room for deeper pullback to retrace the September/December rally. Lower will see room to the 38.2% Fibonacci level at 7.2175 then the 7.2000 congestion.