Chart USD/CNH Update: Extending losses
Prices remains under pressure to extend break of the 6.6910 September low to reach fresh year low, currently at 6.6775
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7400 | * | 7 Aug low, congestion | S1 | 6.6775 | intraday low | ||
| R3 | 6.7250 | * | congestion | S2 | 6.6700 | ** | 2023 year low | |
| R2 | 6.7000 | * | figure | S3 | 6.6500 | * | congestion | |
| R1 | 6.6910 | ** | Sep low | S4 | 6.6160 | * | Jun 2022 low |
Asterisk denotes strength of level
02:50 GMT - Prices remains under pressure to extend break of the 6.6910 September low to reach fresh year low, currently at 6.6775. Daily studies are stretched but still tracking lower and suggest room for further losses to strong support at the 6.6700, 2023 year low. Below here will see room to 6.6500 congestion. Bullish divergence remains on the weekly studies caution corrective bounce. Meanwhile, resistance is lowered to the 6.6910 low of September and this extend to the 6.7000 level. Would need to regain these to ease the downside pressure and see room for corrective bounce to the 6.7200/6.7250 area.