Published: 2024-11-29T05:12:21.000Z
Chart USD/CNH Update: Leaning lower in consolidation
Technical Analyst
1
Leaning lower from the 7.2730 high as prices unwind overbought intraday and daily studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2974 | * | 23 Jul high | S1 | 7.2250 | * | 19 Nov low | |
| R3 | 7.2800 | ** | congestion | S2 | 7.2125 | * | 13 Nov low | |
| R2 | 7.2730 | * | 27 Nov high | S3 | 7.2000 | ** | figure, congestion | |
| R1 | 7.2600 | * | congestion | S4 | 7.1865 | 11 Nov low |
Asterisk denotes strength of level
05:10 GMT - Leaning lower from the 7.2730 high as prices unwind overbought intraday and daily studies. Nearby see support at 7.2250 and see break here needed to negate the bullish structure and turn focus lower to the 7.2125 support and the 7.2000 congestion. Break of these will open up deeper pullback to retrace the strong run-up from the September low and see room to 7.1865 and 7.1650 support. Meanwhile, resistance is lowered to the 7.2600 level which is expected to cap and sustain losses from the 7.2730 high.