Published: 2025-06-10T05:49:52.000Z
Chart USD/CNH Update: Room for stronger bounce
Technical Analyst
2
Higher in consolidation following bounce above the 7.1615 support with scope for stronger bounce to 7.2000 congestion
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2635 | * | 38.2% Apr/May fall | S1 | 7.1800 | * | congestion | |
| R3 | 7.2500 | * | congestion | S2 | 7.1615 | ** | 26 May YTD low | |
| R2 | 7.2200 | ** | congestion | S3 | 7.1500 | * | Oct high | |
| R1 | 7.2000 | * | congestion | S4 | 7.1460 | * | 61.8% Sep/Apr rally |
Asterisk denotes strength of level
05:45 GMT - Higher in consolidation following bounce above the 7.1615 support with lift above 7.1800 setting up scope for stronger bounce to 7.2000 congestion. Daily studies are unwinding oversold readings and clearance here will see room to strong resistance at 7.2200, congestion and previous low. Gains above here, if seen, will open up room for stronger retracement of losses from the April high. Higher will see extension to 7.2500 resistance. Meanwhile, support is raised to 7.1800 which should underpin and sustain gains from the 7.1615 low.