Published: 2025-03-12T06:03:58.000Z
Chart USD/CNH Update: Weighing on 7.2260 support
Technical Analyst
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Leaning lower but remains unable to sustain break of the 7.2260 support
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3070 | ** | 3 Mar high | S1 | 7.2260 | ** | 24 Feb YTD low | |
| R3 | 7.2850 | * | congestion | S2 | 7.2175 | * | 38.2% Sep/Dec rally | |
| R2 | 7.2700 | * | 10 Mar high | S3 | 7.2000 | * | congestion | |
| R1 | 7.2500 | * | congestion | S4 | 7.1860 | * | 11 Nov low |
Asterisk denotes strength of level
06:00 GMT - Leaning lower but remains unable to sustain break of the 7.2260 support as intraday and daily studies unwind oversold readings. However, bearish structure keeps pressure on the downside and clear break here will open up room for deeper pullback to retrace the September/December rally to the 38.2% Fibonacci level at 7.2175 then the 7.2000 congestion. Lower still, will see room to 7.1860 and 7.1705, 50% Fibonacci level. Meanwhile, resistance is lowered to the 7.2500/7.2700 congestion which is expected to cap and sustain losses from the 3 March high at 7.3070.