Published: 2025-05-08T05:25:33.000Z
Chart USD/CNH Update: Extend corrective bounce
Technical Analyst
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Break above 7.2155 resistance extending bounce from the 7.1845 low to correct sharp drop from the 7.4290 high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3100 | * | Jul 2024 high | S1 | 7.2000 | * | congestion | |
| R3 | 7.3000 | * | congestion | S2 | 7.1845 | ** | 5 May YTD low | |
| R2 | 7.2785 | ** | 14 Apr low, 38.2% | S3 | 7.1650 | * | Oct high | |
| R1 | 7.2500/65 | * | congestion, 29 Apr low | S4 | 7.1500 | ** | congestion |
Asterisk denotes strength of level
05:20 GMT - Break above 7.2155 resistance extending bounce from the 7.1845 low to correct sharp drop from the 7.4290 high. Prices are unwinding the oversold daily studies and suggest room to strong resistance at the 7.2500/65 congestion and 29 April low. Higher still, will see scope for extension to the 7.2785 resistance. Meanwhile, support is raised to the 7.2000 congestion and break here will expose the 7.1845 low to retest and see scope for continuation lower to retrace the September/April gains.