Published: 2025-01-23T04:55:04.000Z
Chart USD/CNH Update: Extending consolidation above 7.2520 low
Technical Analyst
-
Little change, as prices turned up from the 7.2520 low to consolidate sharp break of the 7.3110/7.3000 support area
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3400 | * | congestion | S1 | 7.2500 | * | congestion | |
| R3 | 7.3270 | * | 19 Dec high | S2 | 7.2420 | * | Dec low | |
| R2 | 7.3110 | ** | Jul high | S3 | 7.2250 | * | 19 Nov low | |
| R1 | 7.3000 | * | congestion | S4 | 7.2175 | * | 38.2% Sep/Dec rally |
Asterisk denotes strength of level
04:50 GMT - Little change, as prices turned up from the 7.2520 low to consolidate sharp break of the 7.3110/7.3000 support area. This area now expected to cap and sustain losses from the 7.3700 high. Break, if seen, will open up room for stronger bounce to the 7.3270 resistance. However, corrective gains are expected to give way to renewed selling pressure later and where break of the 7.2500 level will further retrace rally from the September low. Lower will see room for extension to the 7.2420 and 7.2250 support then the 7.2175, 38.2% Fibonacci level