Published: 2025-05-20T05:19:57.000Z
Chart USD/CNH Update: Extend bounce from 7.1800 support
Technical Analyst
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Pressuring the 7.2155/7.2200 resistance as prices extend bounce from the 7.1800 corrective low
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.2000 | * | congestion | |
| R3 | 7.2785 | ** | 14 Apr low, 38.2% | S2 | 7.1800/90 | * | congestion, 13 May YTD low | |
| R2 | 7.2500/65 | * | congestion, 29 Apr low | S3 | 7.1650 | * | Oct high | |
| R1 | 7.2200 | * | congestion | S4 | 7.1500 | * | congestion |
Asterisk denotes strength of level
05:15 GMT - Pressuring the 7.2155/7.2200 resistance as prices extend bounce from the 7.1800 corrective low. Daily studies have turned up from oversold area and highlights room for stronger bounce to retrace losses from the 7.4290, April current year high. Clearance will see room to strong resistance at 7.2500/65 area and 7.2785, 14 Apr low and 38.2% Fibonacci level. Meanwhile, support at the 7.2000 level should underpin and sustain corrective bounce from the 7.1800/7.1790 congestion area.