Chart USD/CNH Update: Extending consolidation - daily studies under pressure

Asterisk denotes strength of level

16:40 GMT - Still little change, as prices extend consolidation beneath minor resistance at 7.2500. Intraday studies have ticked higher, suggesting room for a test above here. But unwinding overbought daily stochastics and a tick lower in the daily Tension Indicator should limit any break in renewed selling interest beneath the 7.2600 break level. In the coming sessions, cautious trade is expected to turn down, with the 7.2120 low of 13 November to attract. A close below the 7.2000 break level, however, would turn sentiment negative and extend losses towards 7.1500. Meanwhile, a close above 7.2600, not seen, would turn price action neutral 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.