Published: 2024-10-28T03:06:40.000Z
Chart USD/CNH Update: Retest the 7.1500 resistance, scope for break
Technical Analyst
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Clear break above the 7.1410 Fibonacci retracement has seen gains to tag the 7.1500 congestion
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1945 | * | 7 Aug high | S1 | 7.1080/00 | ** | 21 Oct low, congestion | |
| R3 | 7.1810 | * | 61.8% Jul/Sep fall | S2 | 7.0840 | * | 5 Aug low | |
| R2 | 7.1650 | * | May low | S3 | 7.0700 | * | 30 Aug low | |
| R1 | 7.1500 | ** | congestion | S4 | 7.0500 | * | congestion |
Asterisk denotes strength of level
03:05 GMT - Clear break above the 7.1410 Fibonacci retracement has seen gains to tag the 7.1500 congestion. Daily studies remains overbought but the shallow pullback keeps pressure on the upside with the pennant pattern suggesting scope for break here to further retrace losses from the 7.3110, June YTD high. Higher will see room to the 7.1650 May high then the 7.1810, 61.8% Fibonacci retracement. Meanwhile, support remains at the 7.1080/00 area. Would take break here to turn focus lower to retrace rally from the 6.9710, September YTD low.