Published: 2025-04-16T06:19:33.000Z
Chart USD/CNH Update: Limited corrective bounce
Technical Analyst
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Stays supported following bounce from 7.2785 low above the 7.3000 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3800 | * | congestion | S1 | 7.3000 | * | congestion | |
| R3 | 7.3700/50 | ** | 2024/2022 year highs | S2 | 7.2785 | * | 14 Apr low | |
| R2 | 7.3500 | * | congestion | S3 | 7.2500 | * | congestion | |
| R1 | 7.3365 | * | 8 Apr low | S4 | 7.2155 | ** | 12 Mar YTD low |
Asterisk denotes strength of level
06:10 GMT - Stays supported following bounce from 7.2785 low above the 7.3000 level as prices consolidate sharp drop from the 7.4290, 8 April YTD high. Nearby see resistance starting at 7.3365 then the strong resistance at the 7.3500 then the 7.3700/50 area. The latter expected to cap corrective bounce and give way to renewed selling pressure later. Meanwhile, support is raised to the 7.3000 congestion ahead of 7.2785 low. Break of these will see extension to support at 7.2500. Lower still, will return focus to the March YTD low at 7.2155.