Published: 2025-02-28T04:41:38.000Z
Chart USD/CNH Update: Consolidating retest of 7.3000
Technical Analyst
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Sharply higher following break above the 7.2500 congestion to reach the 7.3000 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3500 | * | congestion | S1 | 7.2700 | * | 5 Feb low, congestion | |
| R3 | 7.3270 | * | 18 Dec high | S2 | 7.2500 | * | congestion | |
| R2 | 7.3150 | * | 3 Dec high | S3 | 7.2345 | * | Jan low | |
| R1 | 7.3000 | * | congestion | S4 | 7.2260 | ** | 24 Feb YTD low |
Asterisk denotes strength of level
04:40 GMT - Sharply higher following break above the 7.2500 congestion to reach the 7.3000 level. Consolidation here see prices unwind the overbought intraday studies but further gains not ruled out. Higher will see room to strong resistance at the 7.3150/7.3270, 3 and 18 December highs. However, gains are seen corrective and expected to give way to fresh selling pressure later with support now raised to the 7.2700 and 7.2500 area. Below this will expose the 7.2260 low to retest and where break will further retrace September/December rally to 7.2175, 38.2% Fibonacci level.