Published: 2024-10-03T05:57:25.000Z
Chart USD/CNH Update: Extending gains
Technical Analyst
-
Break above the 7.0385 resistance further extend gains from the low of last week to reach the 7.0500 level
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1000 | ** | figure, congestion | S1 | 7.0000 | * | figure | |
R3 | 7.0840 | * | 5 Aug low | S2 | 6.9710 | ** | 26 Sep YTD low | |
R2 | 7.0700 | * | 30 Aug low, congestion | S3 | 6.9650 | * | 2 May 2023 high | |
R1 | 7.0500 | * | figure | S4 | 6.9550 | * | 50% 2023 rally |
Asterisk denotes strength of level
05:45 GMT - Break above the 7.0385 resistance further extend gains from the low of last week to reach the 7.0500 level. The daily studies continues to unwind oversold readings and suggest scope to extend gains to the strong resistance at the 7.0700/7.0840, lows of August. Gains beyond this, if seen, will open up the 7.1000 figure, which is expected to cap. Correction expected to give way to renewed selling pressure later and below the 7.0000 level will return focus to the 6.9710, YTD low. Break of the latter will further retrace the strong 2023 rally from the 6.7000 low.