Published: 2025-07-30T02:53:04.000Z
Chart USD/CNH Update: Room to extend bounce from 7.1440 low
Technical Analyst
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No follow-through on break of the 7.1800 resistance as prices consolidate bounce from the 7.1440 current year low
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2500 | * | congestion | S1 | 7.1615 | * | May low | |
| R3 | 7.2200 | * | congestion | S2 | 7.1440 | ** | 24 Jul YTD low | |
| R2 | 7.2000 | * | 11 Jun high, congestion | S3 | 7.1200 | * | congestion | |
| R1 | 7.1910 | ** | 16 Jul high | S4 | 7.1000 | ** | figure, congestion |
Asterisk denotes strength of level
02:50 GMT - No follow-through on break of the 7.1800 resistance as prices consolidate bounce from the 7.1440 current year low. The daily and weekly studies are tracking higher from oversold reading and suggest room for break to retest the 7.1910, 16 July high. Clearance here will see stronger gains to retrace the April/July losses towards 7.2000 level. Meanwhile, support is raised to the May low at 7.1615 which should underpin and sustain bounce from the 7.1500/7.1440 lows. A later break here will see room for extension to the 7.1200 congestion.