Chart USD/CNH Update: Prices remains under pressure
Prices remains under pressure but bearish momentum slows as prices extend deep into oversold areas on intraday and daily chart
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7400 | * | 7 Aug low, congestion | S1 | 6.6680 | intraday low | ||
| R3 | 6.7250 | * | congestion | S2 | 6.6500 | * | congestion | |
| R2 | 6.7000 | * | figure | S3 | 6.6160 | * | Jun 2022 low | |
| R1 | 6.6910 | ** | Sep low | S4 | 6.6000 | ** | figure |
Asterisk denotes strength of level
02:50 GMT - Prices remains under pressure but bearish momentum slows as prices extend deep into oversold areas on intraday and daily chart. Break of the 6.6700 support has seen extension to fresh intraday year low at 6.6680. Lower will further extend losses from the April 2025 year high to the 6.6500 congestion. However, bullish divergence on stretched weekly studies caution corrective bounce. Meanwhile, resistance remains at the 6.6910 low of September and the 6.7000 level. Would take break of these to ease the downside pressure and open up room for stronger corrective bounce to the 6.7200/6.7250 area.