Chart USD/CNH Update: Prices remain under pressure
Little change to the bearish sentiment, as prices extend April 2025 losses to pressure congestion support at 6.9000
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.9710 | * | Sep 2024 year low | S1 | 6.9000 | ** | congestion | |
| R3 | 6.9650 | * | break level | S2 | 6.8700 | * | 76.4% 2023/2025 rally | |
| R2 | 6.9500 | * | congestion | S3 | 6.8600 | ** | range lows | |
| R1 | 6.9300 | break level | S4 | 6.8700 | * | 76.4% 2023/2025 rally |
Asterisk denotes strength of level
17:30 GMT - Little change to the bearish sentiment, as prices extend April 2025 losses to pressure congestion support at 6.9000. Daily studies are falling and broader weekly charts are also under pressure, highlighting room for further losses in the coming sessions. A break below 6.9000 will open up strong support at the 6.8700 Fibonacci retracement. Already oversold weekly stochastics could limit any initial tests in consolidation/short-covering, before deteriorating longer-term charts prompt further losses. Meanwhile, resistance is at the 6.9300 break level and extends to congestion around 6.9500. A close above here, if seen, will help to stabilise price action and prompt consolidation within the broad 6.9500 - 7.0000 range.