Published: 2024-10-16T05:47:41.000Z
Chart USD/CNH Update: Extending gains
Technical Analyst
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Break of the pennant pattern at the 7.1000 resistance has seen sharp run-up to extend gains from the September YTD low
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1810 | * | congestion, 61.8% | S1 | 7.1200 | * | congestion | |
R3 | 7.1650 | * | May low | S2 | 7.1000 | ** | congestion | |
R2 | 7.1500 | ** | congestion | S3 | 7.0840 | * | 5 Aug low | |
R1 | 7.1400/10 | * | 50% Jul/Sep fall | S4 | 7.0700 | * | 30 Aug low |
Asterisk denotes strength of level
05:45 GMT - Break of the pennant pattern at the 7.1000 resistance has seen sharp run-up to extend gains from the September YTD low to reach the 7.1400/7.1410, congestion area and 50% Fibonacci retracement. Higher still will see room to the 7.1500 congestion then the 7.1650, May low. However, the daily studies remains overbought and caution corrective pullback. Meanwhile, support is raised to the 7.1200 congestion and see break here and the 7.1000 level needed to weaken and turn focus lower for retest of the August lows at the 7.0840/7.0700 area.