Chart USD/CNH Update: Consolidating at 6.6730 low
Steadied at 6.6730 low as prices unwind oversold intraday studies and consolidate losses from the 6.7250, September swing high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7400 | * | 7 Aug low, congestion | S1 | 6.6700 | ** | 2023 year low | |
| R3 | 6.7250 | * | congestion | S2 | 6.6500 | * | congestion | |
| R2 | 6.7000 | * | figure | S3 | 6.6160 | * | Jun 2022 low | |
| R1 | 6.6910 | ** | Sep low | S4 | 6.6000 | ** | figure |
Asterisk denotes strength of level
02:40 GMT - Steadied at 6.6730 low as prices unwind oversold intraday studies and consolidate losses from the 6.7250, September swing high. Daily studies are stretched as well but still tracking lower and suggest room to strong support at the 6.6700, 2023 year low. Below here will see scope to the 6.6500 congestion. However, divergence remains on the weekly studies and caution corrective bounce. Meanwhile, resistance at the 6.6910 low of September and the 6.7000 level are expected to cap. Would need to regain these to ease the downside pressure and see room for stronger corrective bounce to the 6.7200/6.7250 area.