Published: 2024-12-05T04:14:49.000Z
Chart USD/CNH Update: Weighing on the 7.2800/7.2730 support, scope for break
Technical Analyst
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Settling back from break to fresh year high at 7.3150
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3300 | * | figure, congestion | S1 | 7.2800 | * | congestion | |
| R3 | 7.3220 | 2 Nov 2023 low | S2 | 7.2730 | * | 26 Nov high | ||
| R2 | 7.3150 | ** | 3 Dec YTD high | S3 | 7.2500 | * | congestion | |
| R1 | 7.3000 | * | figure | S4 | 7.2250 | ** | 18 Nov low |
Asterisk denotes strength of level
04:10 GMT - Settling back from break to fresh year high at 7.3150 as prices unwind the overbought intraday studies. Bearish divergence on the daily studies highlights scope for deeper pullback and break of the 1.2800/1.2730 support area will open up deeper pullback to retrace strong rally from the September low. Lower will see room to the 7.2500 congestion then the strong support at 7.2250 low. Meanwhile, resistance is lowered to the 7.3000 level ahead of the 7.3150 high, now expected to cap. Break here will see potential for extension to the 7.3300/7.3500 congestion and August 2023 highs.