Published: 2023-12-11T06:03:24.000Z
Chart USD/CNH Update: Extending gains
Technical Analyst
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| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2600 | * | congestion, 15 Sep low | S1 | 7.1770 | 6 Dec high | ||
| R3 | 7.2400 | * | 1 Sep low | S2 | 7.1525 | 7 Dec low | ||
| R2 | 7.2245 | 20 Nov high | S3 | 7.1400 | * | congestion | ||
| R1 | 7.2000 | * | congestion | S4 | 7.1285 | * | 21 Nov low |
06:00 GMT - Consolidation below the 7.1770 high has given way to break higher to extend gains from the Nov low to approach the 7.2000 level. Clearance here will see room for continuation higher to retrace losses from the Oct high towards resistance at 7.2245 and 7.2400 level. Corrective gains are expected to give way to selling pressure later with support raised to 7.1770 and 7.1525. Below these will return focus to the downside and retest of the 7.1400 congestion then the 7.1285 and 7.1125 lows.