Published: 2025-05-29T06:10:33.000Z
Chart USD/CNH Update: Room to extend bounce from 7.1615 low
Technical Analyst
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Limited on break above the 7.2000 resistance but further gains not ruled out
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2780 | ** | 14 Apr low | S1 | 7.1800 | * | congestion | |
| R3 | 7.2635 | * | 38.2% Apr/May fall | S2 | 7.1615 | ** | 26 May YTD low | |
| R2 | 7.2500 | * | congestion | S3 | 7.1500 | * | Oct high | |
| R1 | 7.2155/200 | ** | Mar low, congestion | S4 | 7.1460 | * | 61.8% Sep/Apr rally |
Asterisk denotes strength of level
06:10 GMT - Limited on break above the 7.2000 resistance but further gains not ruled out to extend bounce from the 7.1615 low. Daily chart have bottomed out from oversold areas and suggest scope for break higher to resistance at 7.2155/7.2200, March low and congestion area. Higher still, will see room to the 7.2500 resistance. Meanwhile, support is raised to 7.1800 which is expected to underpin. Corrective bounce is expected to give way to renewed selling pressure later, break here will see room to the 7.1500 congestion then 7.1460, 61.8% Fibonacci level.