Published: 2025-02-07T03:00:02.000Z
Chart USD/CNH Update: Consolidating at 7.2700 low, lower later
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Edged up from the 7.2700 low as prices consolidate losses from the 7.3700 high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3400 | * | congestion | S1 | 7.2700 | * | 05 Feb low | |
| R3 | 7.3270 | * | 19 Dec high | S2 | 7.2520/00 | * | 21 Jan low, congestion | |
| R2 | 7.3110 | ** | Jul high | S3 | 7.2345 | ** | 24 Jan low | |
| R1 | 7.3000 | * | congestion | S4 | 7.2175 | * | 38.2% Sep/Dec rally |
Asterisk denotes strength of level
03:00 GMT - Edged up from the 7.2700 low as prices consolidate losses from the 7.3700 high and unwind the oversold intraday studies. The resulting flag pattern suggest this giving way to renewed selling pressure later and lower will see scope to target support at the 7.2500 congestion then the January low at 7.2345. Break of the latter will confirm a double top at the 7.3700 high to further retrace the September/December rally. Meanwhile, resistance at the 7.3000/7.3110 congestion area is expected to cap and limited bounce attempt.