Published: 2024-11-07T06:15:05.000Z
Chart USD/CNH Update: Lower in consolidation from the 7.2100 high
Technical Analyst
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Rally through the 7.1500/7.1650 resistance has seen sharp extension to reach the 7.2100 high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2600 | ** | congestion, 11 Jul low | S1 | 7.1800 | congestion | ||
| R3 | 7.2400 | * | congestion | S2 | 7.1650 | * | Oct high | |
| R2 | 7.2300 | * | 76.4% Jul/Sep fall | S3 | 7.1500 | * | congestion | |
| R1 | 7.2100 | * | 6 Nov high | S4 | 7.1200 | * | congestion |
Asterisk denotes strength of level
06:10 GMT - Rally through the 7.1500/7.1650 resistance has seen sharp extension to reach the 7.2100 high before settling back as prices unwind the overbought intraday studies. Pullback see support starting at 7.1800 level and break here will open up deeper pullback to the 7.1650/7.1500, October highs. The latter expected to underpin while failure here will fade the upside pressure the see deeper pullback to retrace rally from the 7.1000/7.0840 support. Meanwhile, break above the 7.2100 level will see room to 7.2300, 76.4% Fibonacci retracement.