Published: 2025-07-16T04:26:18.000Z
Chart USD/CNH Update: Room to extend bounce from 7.1500 low
Technical Analyst
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Edging higher in consolidation above the 7.1615 support with break above 7.1800 setting up scope for retest of the 7.1880 high of last week
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2500 | * | congestion | S1 | 7.1615 | * | May low | |
| R3 | 7.2200 | ** | congestion | S2 | 7.1500 | ** | 1 Jul YTD low | |
| R2 | 7.2000 | * | 11 Jun high, congestion | S3 | 7.1460 | * | 61.8% Sep/Apr rally | |
| R1 | 7.1880 | * | 9 Jul high | S4 | 7.1200 | * | congestion |
Asterisk denotes strength of level
04:25 GMT - Edging higher in consolidation above the 7.1615 support with break above 7.1800 setting up scope for retest of the 7.1880 high of last week. Clearance here will open up room for stronger gains to correct losses from the April high to target the 7.2000 level. Higher still, will see room to retest strong resistance at 7.2200. Meanwhile, support at the 7.1615/7.1500 lows should underpin. Below this will see further slide to target 7.1460, 61.8% Fibonacci level.