Chart USD/CNH Update: Range-bound in consolidation from 7.2520 low
Range-bound in consolidation following bounce from the 7.2520 low as prices unwind oversold intraday studies
| 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
06:00 GMT - Range-bound in consolidation following bounce from the 7.2520 low as prices unwind oversold intraday studies. However, gains likely to remains limited with resistance starting at 7.3000 congestion and extending to the 7.3110, July high. This area is expected to cap and sustain losses from the 7.3700 high. Break, if seen, will see room for stronger bounce to the 7.3270 resistance. Corrective gains are expected to give way to renewed selling pressure later. Break of the 7.2500 level will further retrace rally from the September low and see room to the 7.2420 low of December. Lower still, will see extension to 7.2250 support then the 7.2175, 38.2% Fibonacci level