Published: 2024-12-06T03:27:26.000Z
Chart USD/CNH Update: Extending pullback from 7.3150 high
Technical Analyst
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Under pressure as prices extend pullback from the 7.3150 fresh year high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3300 | * | figure, congestion | S1 | 7.2500 | * | congestion | |
| R3 | 7.3150 | ** | 3 Dec YTD high | S2 | 7.2250 | ** | 18 Nov high | |
| R2 | 7.3000 | * | figure | S3 | 7.2130 | 13 Nov low | ||
| R1 | 7.2800/30 | * | congestion, Apr high | S4 | 7.2000 | * | figure |
Asterisk denotes strength of level
03:25 GMT - Under pressure as prices extend pullback from the 7.3150 fresh year high. Negative daily and weekly studies see room to extend break of the 1.2800/1.2730 support to retrace strong rally from the September low. Lower will see room to the 7.2500 level then the strong support at 7.2250 low. Lower still will see scope to the 7.2000 figure. Meanwhile, resistance is lowered to the 7.2800/30 congestion area which is expected to cap. Clearance here, if seen, will return focus to the upside for retest of the 7.3110/7.3150 highs.