Chart USD/CNH Update: Room to extend gains
Extending bounce from Monday's low at 6.6910 to reach 6.7150/6.7200 resistance and wedge top from the March high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7630 | * | 21 Jul low | S1 | 6.6910 | ** | 21 Sep YTD low | |
| 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
05:00 GMT - Extending bounce from Monday's low at 6.6910 to reach 6.7150/6.7200 resistance and wedge top from the March high. Daily studies have turned up to unwind oversold readings and suggest scope for break here to open up room for stronger gains to retrace losses from the 6.8200, June high. Clearance will see room towards resistance at the 6.7330/6.7400 area. Higher still, will turn focus to strong resistance at 6.7500/40 area. Meanwhile, the Support at the 6.7000/6.6910 congestion and low should underpin. Below here, if seen, will see room for continuation to 6.6800 wedge support and 6.6700, 2023 year low.