Published: 2025-03-07T05:30:51.000Z
Chart USD/CNH Update: Consolidating above 7.2345/7.2260 lows
Technical Analyst
1
Steadied at the 7.2345 support as prices consolidate losses from the 7.3070 high and unwind oversold intraday studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3150 | * | 3 Dec high | S1 | 7.2345 | * | Jan low | |
| R3 | 7.3070 | ** | 3 Mar high | S2 | 7.2260 | ** | 24 Feb YTD low | |
| R2 | 7.2850 | * | congestion | S3 | 7.2175 | * | 38.2% Sep/Dec rally | |
| R1 | 7.2700 | * | congestion | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
05:30 GMT - Steadied at the 7.2345 support as prices consolidate losses from the 7.3070 high and unwind oversold intraday studies. Risk is for break here and through the 24 February YTD low at 7.2260 to confirm a double top at the December/February highs and open up room for deeper pullback to retrace the September/December rally. Lower will see room to the 38.2% Fibonacci level at 7.2175 then the 7.2000 congestion. Meanwhile, resistance is lowered to 7.2700/7.2850 congestion area which is expected to cap and sustain losses from the 7.3070 high.