Published: 2024-09-10T06:03:30.000Z
Chart USD/CNH Update: Extending gains from 7.0710 low
Technical Analyst
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Bounce from the 7.0710 low to regain the 7.1200 level see prices poised for retest of the 7.1310 then the 7.1400 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1650 | ** | May low | S1 | 7.1000 | * | congestion | |
| R3 | 7.1500 | * | 22 Aug high | S2 | 7.0840 | * | 5 Aug low | |
| R2 | 7.1400 | * | congestion | S3 | 7.0710 | ** | 30 Aug YTD low | |
| R1 | 7.1310 | * | 3 Sep high | S4 | 7.0670 | * | Jun 2023 low |
Asterisk denotes strength of level
06:00 GMT - Bounce from the 7.0710 low to regain the 7.1200 level see prices poised for retest of the 7.1310 then the 7.1400 resistance. These are expected to cap though positive daily studies suggest scope for break here to open up stronger gains to the 7.1500 level then the strong resistance at the 7.1650, May low. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile support is raised to the 7.1000 level and see break here needed to return focus to the downside for retest of the 7.0840 and 7.0710 lows.