Published: 2024-11-28T06:18:20.000Z
Chart USD/CNH Update: Edged lower in consolidation
Technical Analyst
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Edging lower in consolidation from the 7.2730 high as prices unwind overbought intraday studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2974 | * | 23 Jul high | S1 | 7.2360 | * | 25 Nov low | |
| R3 | 7.2800 | ** | congestion | S2 | 7.2250 | * | 19 Nov low | |
| R2 | 7.2730 | * | 27 Nov high | S3 | 7.2127 | * | 13 Nov low | |
| R1 | 7.2665 | * | 14 Nov high | S4 | 7.2000 | ** | figure, congestion |
Asterisk denotes strength of level
06:15 GMT - Edging lower in consolidation from the 7.2730 high as prices unwind overbought intraday studies. However, bullish structure remains intact and see support starting at 7.2360 then the 7.2250 low of last week. Would take break of these to turn focus lower to retrace recent strong rally from the November low to the 7.2127/7.2000 support. Meanwhile, resistance remains at the 7.2665 and 7.2730 high and clearance here will see extension to target the 7.2800 level. Break here will shift focus to the 7.3000 level then the 7.3110, July YTD high.