Published: 2024-12-03T03:01:09.000Z
Chart USD/CNH Update: Retest 7.3110, July YTD high
Technical Analyst
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Further extend the bullish break of the 7.2730 high of last week to retest the 7.3110, 3 July YTD high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3500 | * | Aug 2023 high | S1 | 7.2800 | * | congestion | |
| R3 | 7.3300 | * | figure, congestion | S2 | 7.2730 | * | 26 Nov high | |
| R2 | 7.3220 | 2 Nov 2023 low | S3 | 7.2500 | * | congestion | ||
| R1 | 7.3110 | ** | 3 Jul YTD high | S4 | 7.2250 | ** | 18 Nov low |
Asterisk denotes strength of level
03:00 GMT - Further extend the bullish break of the 7.2730 high of last week to retest the 7.3110, 3 July YTD high. Positive daily studies suggest consolidation here giving way to break later to extend gains from September low. Higher will see room to resistance at 7.3220 thebn the 7.3300 figure. Gains beyond these, but out of reach for now, will see scope to the 7.3300 and 7.3500 resistance. Meanwhile, support is raised to the 7.2800 congestion and this extend to the 7.2730 previous high. This area underpin and only below here will ease the upside pressure and open up room for deeper pullback.