Chart USD/CNH Update: Edged up in consolidation from 6.9630 low
Edged up from Monday's low at 6.9630 as prices unwind oversold intraday and daily studies to consolidate at the 6.9700 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.0500/40 | ** | congestion, 3 Dec low | S1 | 6.9630 | * | 12 Jan low | |
| R3 | 7.0300 | * | congestion | S2 | 6.9500 | * | congestion | |
| R2 | 6.9960/00 | ** | 8 Jan high, congestion | S3 | 6.9300 | * | congestion | |
| R1 | 6.9800 | * | congestion | S4 | 6.9000 | ** | congestion |
Asterisk denotes strength of level
04:00 GMT - Edged up from Monday's low at 6.9630 as prices unwind oversold intraday and daily studies to consolidate at the 6.9700 level. Bounce see resistance starting at the 6.9800 congestion and this extend to the 6.9960 high of last week. Would take break of these and the 7.0000 level to ease the downside pressure and open up room for stronger corrective bounce to retrace losses from the October swing high towards the 7.0300 congestion and strong resistance at 7.0500/40 area. Meanwhile, support at the 6.9665/6.9630 low should underpin. Break here will extend losses from the 7.4290, April high.