Chart USD/CNH Update: Drifting narrowly above 6.7030 low
Little change, as prices drift narrowly above the 6.7030 low after bounce attempt was checked at the 6.7150 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7630 | * | 21 Jul low | S1 | 6.7030 | ** | 9 Sep YTD low | |
| R3 | 6.7540 | ** | Jun low | S2 | 6.7000 | ** | 2023 year low | |
| R2 | 6.7400 | * | 7 Aug low, congestion | S3 | 6.6650 | * | congestion | |
| R1 | 6.7150 | * | 26 Aug low | S4 | 6.6500 | * | congestion |
Asterisk denotes strength of level
05:40 GMT - Little change, as prices drift narrowly above the 6.7030 low after bounce attempt was checked at the 6.7150 resistance. Bullish divergence on daily and weekly studies suggest scope for stronger bounce here to correct losses from the 6.8200, June high. Break above the 6.7150 resistance needed to open up room to resistance at the 6.7330/6.7400, congestion and 7 August low. Higher still, will see scope to strong resistance at 6.7540/6.7600, June low and congestion area. Meanwhile, break of the 6.7030 low and 6.7000 figure, if seen, will open up room to the 6.6650/6.6500 congestion area.