Chart USD/CNH Update: Consolidating - studies turning down
Little change, as prices extend consolidation following the test of minor resistance at 7.2500
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.2120 | 13 Nov low | ||
| R3 | 7.2760 | * | 30 Jul (w) high | S2 | 7.2000 | * | break level | |
| R2 | 7.2663 | * | 14 Nov high | S3 | 7.1500 | * | break level | |
| R1 | 7.2600 | ** | break level | S4 | 7.1200 | * | congestion |
Asterisk denotes strength of level
16:40 GMT - Little change, as prices extend consolidation following the test of minor resistance at 7.2500. Intraday studies are falling and overbought daily stochastics are also turning down, highlighting potential for a pullback in the coming sessions. However, the rising daily Tension Indicator and positive weekly charts are expected to prompt fresh buying interest towards support at the 7.2120 low of 13 November. A close beneath here, would add weight to sentiment and extend losses towards the 7.2000 break level. Meanwhile, resistance is up to the 7.2600 break level. A close above here would improve price action and extend September gains towards the 7.2760 weekly high of 30 July. Already overbought daily stochastics could limit any immediate break above here in selling interest towards congestion around 7.3000.