Published: 2025-05-09T04:47:07.000Z
Chart USD/CNH Update: Extending corrective bounce
Technical Analyst
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Break above 7.2155 resistance see prices extending bounce from the 7.1845 low to correct sharp drop from the 7.4290, April high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3100 | * | Jul 2024 high | S1 | 7.2155 | * | Mar low | |
| R3 | 7.3000 | * | congestion | S2 | 7.2000 | * | congestion | |
| R2 | 7.2785 | ** | 14 Apr low, 38.2% | S3 | 7.1845 | ** | 5 May YTD low | |
| R1 | 7.2500/65 | * | congestion, 29 Apr low | S4 | 7.1650 | * | Oct high |
Asterisk denotes strength of level
04:50 GMT - Break above 7.2155 resistance see prices extending bounce from the 7.1845 low to correct sharp drop from the 7.4290, April high. Prices are unwinding the oversold daily studies with gains reaching resistance at 7.2500/65 congestion and 29 April low. Higher still, will see scope for extension to strong resistance at 7.2785, 14 April low 38.2% Fibonacci level. Meanwhile, support is raised to the March low at 7.2155 which should underpin. Break here will expose the 7.1845 low to retest and see scope for continuation lower to retrace the September/April gains.