Published: 2025-12-09T02:45:27.000Z
Chart USD/CNH Update: Extend consolidation above 7.0540 low
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Drifting narrowly around the 7.0700 level following bounce from the 7.0540 low
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1385 | * | 5 Nov high | S1 | 7.0500 | * | congestion | |
| R3 | 7.1200 | ** | congestion | S2 | 7.0350 | * | congestion | |
| R2 | 7.1000 | * | congestion | S3 | 7.0000 | ** | figure | |
| R1 | 7.0800/50 | * | congestion, Sep low | S4 | 6.9710 | ** | Sep 2024 year low |
Asterisk denotes strength of level
02:40 GMT - Drifting narrowly around the 7.0700 level following bounce from the 7.0540 low as prices unwind oversold intraday and daily studies. Higher will see room to resistance at the 7.0800/50 congestion and September low which is expected to cap. Would take break here to see room for stronger bounce to resistance at the 7.1200 level. However, corrective bounce is expected to give way to fresh selling pressure later. Below the 7.0540 low and 7.0500 level will see room for extension to 7.0350 congestion area from October 2024. Lower still, will see potential to the 7.0000 figure and the 6.9710, September 2024 year low.