Chart USD/CNH Update: Extend consolidation above 6.7150 low
Extending consolidation above the 6.7150 low after bounce attempt was kept in check beneath the 6.7400 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7800 | ** | 3 Jul low | S1 | 6.7150 | * | 26 Aug YTD low | |
| R3 | 6.7630 | * | 21 Jul low | S2 | 6.7000 | ** | 2023 year low | |
| R2 | 6.7540 | ** | Jun low | S3 | 6.6670 | * | 15 Jun 2022 low | |
| R1 | 6.7400 | 7 Aug low, congestion | S4 | 6.6500 | * | congestion |
Asterisk denotes strength of level
05:10 GMT - Extending consolidation above the 6.7150 low after bounce attempt was kept in check beneath the 6.7400 resistance. Daily studies are unwinding oversold reading and bullish divergence on weekly chart suggest scope for bounce to retrace recent losses from the 6.8200, June high. Above 6.7400 level will open up room to strong resistance at the 6.7540/6.7630 previous lows. Regaining these will open up room for stronger gains to retrace losses from the 6.8200 June swing high. Meanwhile, break of the 6.7150 low will extend the bear trend from the April 2025 year high and see room to 6.7000, the 2023 year low.