Chart USD/CNH Update: Consolidating
Steadied at 6.8060 low as prices consolidate the recent sharp losses from 6.9300 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.9000 | * | congestion | S1 | 6.8000 | ** | figure, congestion | |
| R3 | 6.8700 | ** | 1 Apr low | S2 | 6.7750 | congestion | ||
| R2 | 6.8600 | * | 11 Mar low | S3 | 6.7500 | * | congestion | |
| R1 | 6.8270 | * | Feb low | S4 | 6.7350 | * | 61.8% 2022/2025 rally |
Asterisk denotes strength of level
05:05 GMT - Steadied at 6.8060 low as prices consolidate the recent sharp losses from 6.9300 resistance and unwind oversold intraday studies. Daily chart are stretched as well and suggest scope for corrective bounce but gains are likely to be limited with resistance starting at the 6.8270 February low. Would need lift over this to open up room for stronger corrective bounce to strong resistance at the 6.8600/6.8700 area. Bearish structure from the April 2025 high suggest room for further losses later. Below the 6.8000 figure will see room to further retrace gains from the 2022 year low to 6.7750 and 6.7500 congestion area.