Published: 2025-03-25T06:37:23.000Z
Chart USD/CNH Update: Extending corrective bounce
Technical Analyst
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Extending bounce from the 7.2155 March YTD low to reach the 7.2500/7.2700 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3110 | ** | Jul high | S1 | 7.2500 | * | congestion | |
| R3 | 7.3000 | * | congestion | S2 | 7.2260 | * | Feb low | |
| R2 | 7.2850 | * | congestion | S3 | 7.2175/55 | ** | 38.2%, 12 Mar YTD low | |
| R1 | 7.2700 | ** | 10 Mar high | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
06:25 GMT - Extending bounce from the 7.2155 March YTD low to reach the 7.2500/7.2700 resistance. Prices are unwinding oversold daily studies, clearance here will see stronger gains to the 7.2850 congestion. Higher still, will see scope to the 7.3000/7.3110 resistance. However, gains are seen corrective and expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 7.2500 congestion which is expected to underpin. Break here will return focus to the 7.2260 and 7.2155 lows.