Published: 2024-12-10T03:10:41.000Z
Chart USD/CNH Update: Under pressure, 7.2500 support at risk
Technical Analyst
-
Under pressure as prices extend pullback from the 7.3150 high to reach support at the 7.2500 congestion
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3150 | ** | 3 Dec high | S1 | 7.2500 | * | congestion | |
| R3 | 7.3000 | * | figure, congestion | S2 | 7.2250 | ** | 18 Nov low | |
| R2 | 7.2800 | * | congestion | S3 | 7.2130 | 13 Nov low | ||
| R1 | 7.2730 | * | 26 Nov high | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
03:10 GMT - Under pressure as prices extend pullback from the 7.3150 high to reach support at the 7.2500 congestion. Negative daily studies highlights risk for break here to open up deeper pullback to the strong support at the 7.2250 low. Would expected reaction here though overbought weekly studies suggest consolidation here to give way to renewed selling pressure later. Lower will open up room to the 7.2130 support then the 7.2000 congestion. Meanwhile, resistance is lowered to the 7.2730/7.2800 area which is expected to cap and sustain pullback from the 7.3150 high.