Published: 2024-12-18T05:49:26.000Z
Chart USD/CNH Update: Drifting narrowly below the 7.3000 figure
Technical Analyst
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Little change, as prices extend consolidation above the 7.2800/7.2730 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3500 | * | Aug 2023 high | S1 | 7.2730 | * | 26 Nov high | |
| R3 | 7.3300 | * | congestion | S2 | 7.2500 | * | congestion | |
| R2 | 7.3110/50 | ** | congestion, 3 Dec YTD high | S3 | 7.2250 | ** | 18 Nov low | |
| R1 | 7.3000 | * | figure, congestion | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
05:45 GMT - Little change, as prices extend consolidation above the 7.2800/7.2730 resistance. Nearby see resistance at 7.3000 figure and clearance here will open the 7.3110/50 congestion and 3 Dec YTD high to retest. Break here, if seen, will see room to extend gains to the 7.3300 congestion and the 7.3500 level. Higher still will turn focus to 7.3680 and 7.3750, the 2023 and 2022 year highs. Meanwhile, support is raised to the 7.2800/7.2730 area which now underpin. Would take break here to open up deeper pullback to strong support at the 7.2420 and 7.2250 higher lows.