Chart USD/CNH Update: Drifting above 6.7375 current year low
Edged up from fresh year low at 6.7375 as prices drift within a narrow range and unwind the oversold intraday and daily studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.8000 | * | congestion | S1 | 6.7375 | ** | 17 Aug YTD low | |
| R3 | 6.7800 | ** | 3 Jul low | S2 | 6.7350 | * | 61.8% 2022/2025 rally | |
| R2 | 6.7630 | * | 21 Jul low | S3 | 6.7200 | * | congestion | |
| R1 | 6.7540 | ** | Jun low | S4 | 6.7000 | ** | 2023 year low |
Asterisk denotes strength of level
03:25 GMT - Edged up from fresh year low at 6.7375 as prices drift within a narrow range and unwind the oversold intraday and daily studies. However, further losses cannot be ruled out and lower will see room to extend the bear trend from the April 2025 year high to nearby support at 6.7350 Fibonacci level. Lower still, will see extension to the 6.7200 congestion and 6.7000, 2023 year low. However, bullish divergence on weekly studies caution corrective bounce with resistance starting at 6.7540/6.7630 recent lows. Above here needed to open up room for strong corrective bounce to retrace losses from the 6.8200 high.