Chart USD/CNH Update: Higher in consolidation
Higher in consolidation from the 7.1790 low to retest resistance at the 7.2155, March low
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.1790 | ** | 13 May YTD low | |
| R3 | 7.2785 | ** | 14 Apr low, 38.2% | S2 | 7.1650 | * | Oct high | |
| R2 | 7.2500/65 | * | congestion, 29 Apr low | S3 | 7.1500 | * | congestion | |
| R1 | 7.2155 | * | Mar low | S4 | 7.1460 | * | 61.8% Sep/Apr rally |
Asterisk denotes strength of level
05:45 GMT - Higher in consolidation from the 7.1790 low to retest resistance at the 7.2155, March low. Prices are unwinding oversold intraday and daily studies and clearance here will open up room for stronger corrective bounce to retest strong resistance at the 7.2500/65 area. Gains beyond this, if seen, will turned focus to strong resistance at 7.2785, low of 14 April and 38.2% Fibonacci level. Corrective gains are expected to give way to renewed selling pressure later and break of the 7.2000 figure and 7.1790 low will extend the broader losses from April YTD high. Lower will see room to the 7.1650 support and 7.1500 congestion.