Published: 2024-10-29T05:58:40.000Z
Chart USD/CNH Update: Extending gains
Technical Analyst
1
Consolidation below the 7.1500 congestion has given way to break to further retrace the July/September losses
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2000 | * | figure | S1 | 7.1160 | * | 24 Oct low | |
| R3 | 7.1945 | * | 7 Aug high | S2 | 7.1080/00 | ** | 21 Oct low, congestion | |
| R2 | 7.1810 | * | 61.8% Jul/Sep fall | S3 | 7.0840 | * | 5 Aug low | |
| R1 | 7.1650 | * | May low | S4 | 7.0700 | * | 30 Aug low |
Asterisk denotes strength of level
05:50 GMT - Consolidation below the 7.1500 congestion has given way to break to further retrace the July/September losses. Daily studies remains overbought but bullish momentum keep focus on the upside and see room to further retrace losses from the 7.3110, June YTD high. Nearby see resistance at the 7.1650 May low and clearance will see room to the 7.1810, 61.8% Fibonacci retracement. Meanwhile, support is raised to the 7.1160 and this extend to the 7.1080/00 area. Would take break here to fade the upside pressure and turn focus lower to retrace rally from the 6.9710, September YTD low.