Published: 2025-03-14T04:23:18.000Z
Chart USD/CNH Update: Edged higher in consolidation from 7.2260/7.2175 support
Technical Analyst
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Turned up from test of the 7.2260/7.2175 low and 38.2% Fibonacci level as prices unwind oversold intraday studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3070 | ** | 3 Mar high | S1 | 7.2260 | * | Feb low | |
| R3 | 7.2850 | * | congestion | S2 | 7.2175 | * | 38.2% Sep/Dec rally | |
| R2 | 7.2700 | * | 10 Mar high | S3 | 7.2000 | * | congestion | |
| R1 | 7.2500 | * | congestion | S4 | 7.1860 | * | 11 Nov low |
Asterisk denotes strength of level
04:20 GMT - Turned up from test of the 7.2260/7.2175 low and 38.2% Fibonacci level as prices unwind oversold intraday studies. Bounce see resistance at the 7.2500/7.2700 congestion which is expected to cap and sustain losses from the 3 March high at 7.3070. Consolidation expected to give way to selling pressure later and break of the 7.2175 Fibonacci level will open up room for deeper pullback to retrace the September/December rally to the 7.2000 congestion. Lower still, will see room to 7.1860 and 7.1705, 50% Fibonacci level.