Published: 2025-03-21T05:35:21.000Z
Chart USD/CNH Update: Extending bounce from 7.2155 low
Technical Analyst
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Consolidation above the 7.2175/55 lows has given way to bounce as prices unwind the oversold intraday and daily studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3070 | ** | 3 Mar high | S1 | 7.2260 | * | Feb low | |
| R3 | 7.3070 | ** | 3 Mar high | S2 | 7.2175/55 | ** | 38.2%, 12 Mar YTD low | |
| R2 | 7.2850 | * | congestion | S3 | 7.2000 | * | congestion | |
| R1 | 7.2700 | ** | 10 Mar high | S4 | 7.1860 | * | 11 Nov low |
Asterisk denotes strength of level
05:35 GMT - Consolidation above the 7.2175/55 lows has given way to bounce as prices unwind the oversold intraday and daily studies. Break above the 7.2500 resistance see room for stronger bounce to the 7.2700 resistance and the 7.2850 congestion. Gains are seen corrective and expected to give way to renewed selling pressure later to retest the 7.2260 and 7.2155 lows. Break here will open up room for deeper pullback to retrace the September/December rally to the 7.2000 congestion. Lower still, will see scope for extension to 7.1860 and 7.1705, 50% Fibonacci level.