Published: 2025-09-18T04:35:26.000Z
Chart USD/CNH Update: Consolidating test of 7.0870 support
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Steadied at the 7.0870 support as prices consolidate losses from the 7.2200 August high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1500 | ** | congestion | S1 | 7.0870 | * | Nov 2024 low | |
| R3 | 7.1440 | * | Jul low | S2 | 7.0800 | * | 76.4% Sep 2024/Apr rally | |
| R2 | 7.1300 | * | congestion | S3 | 7.0500 | * | congestion | |
| R1 | 7.1160 | * | Aug low | S4 | 7.0000 | ** | figure, congestion |
Asterisk denotes strength of level
04:30 GMT - Steadied at the 7.0870 support as prices consolidate losses from the 7.2200 August high. Bounce see prices unwinding oversold daily studies and see room to resistance at 7.1160, August low. Regaining this will open up room for stronger correction to the 7.1300 congestion then the strong resistance at the 7.1440/7.1500, July lows. Corrective bounce is expected to give way to renewed selling pressure later, break of the 7.0870 low will see room for extension to the 7.0800, 76.4% Fibonacci level, and 7.0500 congestion.