Chart USD/CNH Update: Drifting narrowly above 6.9500 low
Failure to get a foothold above resistance at 6.9710 see prices drifting narrowly above the 6.9500 low and keep pressure on the downside.
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.0500/40 | ** | congestion, 3 Dec low | S1 | 6.9500 | * | congestion | |
| R3 | 7.0300 | * | congestion | S2 | 6.9300 | * | congestion | |
| R2 | 6.9960/00 | ** | 8 Jan high, congestion | S3 | 6.9000 | ** | congestion | |
| R1 | 6.9710 | * | Sep 2024 year low | S4 | 6.8700 | * | 76.4% 2023/2025 rally |
Asterisk denotes strength of level
06:05 GMT - Failure to get a foothold above resistance at 6.9710 see prices drifting narrowly above the 6.9500 low and keep pressure on the downside. However, stronger bounce to unwind oversold daily studies cannot be ruled out. Above the 6.9710 resistance will open up room for stronger corrective bounce to retrace losses from the October swing high to the 6.9800 congestion then the strong resistance at the 6.9960/7.0000 level area. Meanwhile, support at 6.9500 low underpin. A later break, will further extend losses from the 7.4290 April 2025 year high and see room for extension to support at the 6.9300 congestion and 6.9000 figure.