Chart USD/CNH Update: Still weak
Little change, as prices consolidate above the 6.6900 level and unwind oversold intraday studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7630 | * | 21 Jul low | S1 | 6.6800 | * | wedge | |
| R3 | 6.7540 | ** | Jun low | S2 | 6.6700 | ** | 2023 year low | |
| R2 | 6.7400 | * | 7 Aug low, congestion | S3 | 6.6500 | ** | congestion | |
| R1 | 6.7150 | * | 26 Aug low | S4 | 6.6200 | * | congestion |
Asterisk denotes strength of level
04:10 GMT - Little change, as prices consolidate above the 6.6900 level and unwind oversold intraday studies. However, the downside remains vulnerable and see room to extend losses from the April 2025 year high. Lower will see room to the wedge support at 6.6800 level where reaction can be expected. However, negative daily and weekly studies keep pressure and the downside and lower will see scope for continuation to the 6.6700, 2023 year low. Meanwhile, resistance remains at 6.7150, late-August low. Above here will ease the downside pressure and open up room for stronger bounce to strong resistance at the 6.7330/6.7400, congestion and 7 August low.