Published: 2024-11-20T16:47:05.000Z
Chart USD/CNH Update: Limited scope above 7.2500
Senior Technical Strategist
2
Cautious trade has given way to the anticipated test of minor resistance at 7.2500
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.2240/45 | 18-19 Nov lows | ||
| R3 | 7.2760 | * | 30 Jul (w) high | S2 | 7.2120 | 13 Nov low | ||
| R2 | 7.2663 | * | 14 Nov high | S3 | 7.2000 | * | break level | |
| R1 | 7.2600 | ** | break level | S4 | 7.1500 | * | break level |
Asterisk denotes strength of level
16:40 GMT - Cautious trade has given way to the anticipated test of minor resistance at 7.2500, with prices currently trading around 7.2535. Rising intraday studies highlight potential for continuation towards the 7.2600 break level. But negative daily readings should limit any further strength in renewed selling interest towards the 7.2663 high of 14 November. Meanwhile, support is raised to the 7.2240/45 lows from 18-19 November. A break beneath here will add weight to sentiment and open up the 7.2000 break level. But rising weekly charts should limit any further losses in consolidation above 7.1500.