Published: 2026-05-12T04:18:58.000Z
Chart USD/CNH Update: Consolidating, but still heavy
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Steadied at 6.7900 fresh year low as prices unwind oversold intraday studies but pressure remains on the downside
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.8600 | * | 11 Mar low | S1 | 6.7900 | ** | 11 May YTD low | |
| R3 | 6.8500 | ** | 29 Apr high, congestion | S2 | 6.7750 | congestion | ||
| R2 | 6.8270 | * | Feb low | S3 | 6.7500 | * | congestion | |
| R1 | 6.8060 | * | Apr low | S4 | 6.7350 | * | 61.8% 2022/2025 rally |
Asterisk denotes strength of level
04:15 GMT - Steadied at 6.7900 fresh year low as prices unwind oversold intraday studies but pressure remains on the downside. Consolidation here is expected to give way to renewed selling pressure and lower will further extend losses from the April 2025 year high and see room to the 6.7750/6.7500 congestion area. Lower still, will see scope to target 6.7350, 61.8% Fibonacci retracement. Meanwhile, resistance is lowered to the April low at 6.8060 and extending to 6.8270 February low which is expected to cap corrective bounce and sustain the losses from the 6.9430, 3 March swing high.