Chart USD/CNH Update: Under pressure, 7.1200 support at risk
Leaning lower in consolidation as prices extend pullback from the 7.1535/7.1500 highs to approach the 7.1200 support
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2000 | ** | congestion | S1 | 7.1200 | ** | 19 Sep high | |
| R3 | 7.1900 | * | congestion | S2 | 7.1000 | * | congestion | |
| R2 | 7.1650/80 | * | congestion, 14 Aug low | S3 | 7.0850 | ** | 17 Sep YTD low | |
| R1 | 7.1500/35 | ** | congestion, 8 Oct high | S4 | 7.0800 | * | 76.4% Sep 2024/Apr rally |
Asterisk denotes strength of level
03:00 GMT - Leaning lower in consolidation as prices extend pullback from the 7.1535/7.1500 highs to approach the 7.1200 support. Negative daily studies threatens break here to open up room for deeper pullback to retrace the September/October gains. Break of the 7.1200/7.1100 area will return focus to the downside for retest of the 7.1000 congestion and 7.0850 current year low. Below this will see deeper pullback to retrace the September 2024/April rally. Meanwhile, resistance at the 7.1500/35 highs are expected to cap. Clearance, if seen, will confirm a bottom pattern at the 7.0850 low and open up room for stronger gains to 7.1650/80 area.