Chart USD/CNH Update: Consolidating, room for lower later
Break of the September low at 7.0850 has seen losses to fresh year low at 7.0700
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1385 | * | 5 Nov high | S1 | 7.0700 | * | congestion | |
| R3 | 7.1200 | * | congestion | S2 | 7.0350 | * | congestion | |
| R2 | 7.1000 | * | congestion | S3 | 7.0000 | ** | figure | |
| R1 | 7.0850 | * | Sep low | S4 | 6.9710 | ** | Sep 2024 year low |
Asterisk denotes strength of level
04:30 GMT - Break of the September low at 7.0850 has seen losses to fresh year low at 7.0700 congestion. Consolidation here see prices unwind the stretched intraday studies but this is expected to give way to fresh selling pressure later to extend losses from the 7.4290, April current year high. Daily and weekly studies continues to track lower and nearby see room for extension to 7.0350 congestion from October 2024. Below this will turn focus to the 7.0000 figure then the 6.9710, September 2024 year low. Meanwhile, resistance is lowered to the 7.0850/7.1000 area which is expected to cap and sustain losses from 7.1500/35, October swing high.