Chart USD/CNH Update: Under pressure
Under pressure as break of the 6.9710 support gives way to drift lower to extend losses from the 7.4290 April high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.0500/40 | ** | congestion, 3 Dec low | S1 | 6.9610 | intraday 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
03:10 GMT - Under pressure as break of the 6.9710 support gives way to drift lower to extend losses from the 7.4290 April high. Lower will see room for extension to support at the 6.9500/6.9300 congestion area. Below this will see potential to target the 6.9000 level. Meanwhile, resistance at the 6.9800 congestion which extend to the 6.9960 high of last week are expected to cap. 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.