Chart USD/CNH Update: Room to extend gains
Extending gains from the 6.6910 Monday's low to reach resistance at 6.7150/6.7200, wedge top from the March high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7630 | * | 21 Jul low | S1 | 6.7030 | * | 9 Sep low | |
| R3 | 6.7540 | ** | Jun low | S2 | 6.6910 | ** | 21 Sep YTD low | |
| R2 | 6.7400 | * | 7 Aug low, congestion | S3 | 6.6700 | ** | 2023 year low | |
| R1 | 6.7330 | * | 28 Aug high | S4 | 6.6500 | * | congestion |
Asterisk denotes strength of level
06:00 GMT - Extending gains from the 6.6910 Monday's low to reach resistance at 6.7150/6.7200, wedge top from the March high. Positive daily studies are tracking higher and bullish divergence on weekly studies highlights scope for stronger gains to retrace losses from the 6.8200, June high. Higher will see room towards resistance at the 6.7330/6.7400 area. Clearance here, will turn focus to strong resistance at 6.7500/40 area. Meanwhile, support at the 6.7030/6.6910 congestion and low should underpin. Break here, if seen, will see room for continuation to 6.6800 wedge support and 6.6700, 2023 year low.