Published: 2025-05-05T04:59:57.000Z
Chart USD/CNH Update: Consolidating test of 7.2000
Technical Analyst
1
Follow-through below the March low at 7.2155 has seen extension to reach support at the 7.2000/7.1850 congestion
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.2000 | * | congestion | |
| R3 | 7.2785 | ** | 14 Apr low | S2 | 7.1850 | * | intraday congestion | |
| R2 | 7.2500/65 | * | congestion, 29 Apr low | S3 | 7.1650 | * | Oct high | |
| R1 | 7.2210 | * | 200-day MA | S4 | 7.1500 | ** | congestion |
Asterisk denotes strength of level
05:00 GMT - Follow-through below the March low at 7.2155 has seen extension to reach support at the 7.2000/7.1850 congestion. Consolidation here see prices unwinding the oversold intraday and daily studies but the downside remains vulnerable. Close below the 7.2000 level will see room to the 7.1650 support then the 7.1500 congestion. Meanwhile, resistance is lowered to the 200-day MA at 7.2210. Above here will open up room for stronger bounce to the 7.2500/7.2565 congestion and low of 29 April.