Published: 2025-01-08T06:07:40.000Z
Chart USD/CNH Update: Extending consolidation below 7.3680/7.3700 highs
Technical Analyst
-
Range-bound in consolidation following retest of the 7.3680, 2023 year high, last week
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3750 | ** | 2022 year high | S1 | 7.3110 | ** | Jul 2024 high | |
| R3 | 7.3700 | ** | 31 Dec 2024 year high | S2 | 7.3000 | * | congestion | |
| R2 | 7.3680 | * | 2023 year high | S3 | 7.2850 | * | 23 Dec low | |
| R1 | 7.3500 | * | congestion | S4 | 7.2730 | * | 26 Nov high |
Asterisk denotes strength of level
06:00 GMT - Range-bound in consolidation following retest of the 7.3680, 2023 year high, last week. Pullback from the latter has seen support at the 7.3110/7.3000 area keeping losses in check. However, the daily studies have turned down from overbought areas and suggest room for deeper pullback. Break will confirm a top in place at the December high and see room to retrace strong gains from the September low to the 7.2850/7.2730 area then the 7.2500 congestion. Meanwhile, resistance at the 7.3500 congestion expected to cap and sustain losses from the 7.3680/7.3700 highs.