Published: 2025-07-10T02:53:53.000Z
Chart USD/CNH Update: Consolidating at 7.1800, room for higher later
Technical Analyst
1
Settled back from the 7.1880 high to consolidate at the 7.1800 level as prices unwind overbought intraday studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2500 | * | congestion | S1 | 7.1700 | * | 8 Jul low | |
| R3 | 7.2200 | ** | congestion | S2 | 7.1500 | ** | 1 Jun YTD low | |
| R2 | 7.2000 | * | 11 Jun high, congestion | S3 | 7.1460 | * | 61.8% Sep/Apr rally | |
| R1 | 7.1880 | * | 9 Jul high | S4 | 7.1200 | * | congestion |
Asterisk denotes strength of level
02:50 GMT - Settled back from the 7.1880 high to consolidate at the 7.1800 level as prices unwind overbought intraday studies. Daily studies are tracking higher and higher will see room for stronger correction of the April losses to the 7.2000 congestion. Higher still, will see strong resistance at 7.2200 congestion and March low which is expected to cap and give way to renewed selling pressure later. Meanwhile, support is at the 7.1700 level. Break here will return focus to the 7.1500 low and see room for break to target 7.1460, 61.8% Fibonacci level.