Published: 2025-09-02T04:55:08.000Z
Chart USD/CNH Update: Extending bounce from 7.1200 support
Technical Analyst
1
Extending bounce from support at the January 2023 trendline at the 7.1200 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1680 | * | 14 Aug low | S1 | 7.1200 | * | congestion, trendline | |
| R3 | 7.1615 | * | May low | S2 | 7.1000 | ** | congestion | |
| R2 | 7.1500 | ** | congestion | S3 | 7.0870 | Nov 2024 low | ||
| R1 | 7.1440 | * | July low | S4 | 7.0800 | * | 76.4% 2024/Apr rally |
Asterisk denotes strength of level
04:45 GMT - Extending bounce from support at the January 2023 trendline at the 7.1200 level as prices unwind oversold intraday and daily studies. Bounce see resistance starting at the July low at 7.1440 and extending to the 7.1500 congestion which is expected to cap. Break here, if seen, will open up room for stronger gains to the 7.1615/80 area. Corrective gains are expected to give way to renewed selling pressure later and break of the 7.1200 level will see room to support at the 7.1000 congestion and 1.0870/1.0800 area.