Published: 2025-09-09T03:14:36.000Z
Chart USD/CNH Update: Weighing on 7.1200 support
Technical Analyst
1
Corrective bounce has given way to renewed selling pressure to retest the 7.1200 support
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1680 | * | 14 Aug low | S1 | 7.1200 | * | congestion, trendline | |
| R3 | 7.1500 | ** | congestion | S2 | 7.1000 | ** | congestion | |
| R2 | 7.1440 | * | Jul low | S3 | 7.0870 | Nov 2024 low | ||
| R1 | 7.1350 | congestion | S4 | 7.0800 | * | 76.4% Sep/Apr rally |
Asterisk denotes strength of level
03:10 GMT - Corrective bounce has given way to renewed selling pressure from resistance at the 7.1440/7.1500 area to retest the 7.1200 support. Daily and weekly studies are tracking lower and suggest break here to extend losses from the April current year high to strong support at the 7.1000 congestion. Lower still, will see room to the 7.0800, 76.4% Fibonacci level. Meanwhile, resistance is lowered to 1.1350 congestion which is expected to cap and sustain rejection from the 7.1440/7.1500 area.