Chart USD/CNH Update: Turned up in consolidation from 7.0540 low
Turned up from the 7.0540 low as prices unwind oversold intraday and daily studies to consolidate at the 7.0700 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1385 | * | 5 Nov high | S1 | 7.0500 | * | congestion | |
| R3 | 7.1200 | ** | congestion | S2 | 7.0350 | * | congestion | |
| R2 | 7.1000 | * | congestion | S3 | 7.0000 | ** | figure | |
| R1 | 7.0800/50 | * | congestion, Sep low | S4 | 6.9710 | ** | Sep 2024 year low |
Asterisk denotes strength of level
02:50 GMT - Turned up from the 7.0540 low as prices unwind oversold intraday and daily studies to consolidate at the 7.0700 level. Nearby see resistance at the 7.0800/50 congestion and September low expected to cap. Break here, if seen, will delay bears and open up room for stronger bounce to resistance at the 7.1200 level. Corrective bounce is expected to give way to fresh selling pressure later. Below the 7.0540 low and 7.0500 level will see room for extension to 7.0350 congestion area from October 2024. Lower still, will see potential to the 7.0000 figure though focus will turn to the 6.9710, September 2024 year low.