Published: 2025-03-13T06:02:36.000Z
Chart USD/CNH Update: Consolidating test of 7.2260/7.2175 support
Technical Analyst
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Consolidating test of the 7.2260/7.2175 February low and 38.2% Fibonacci level
| 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
06:00 GMT - Consolidating test of the 7.2260/7.2175 February low and 38.2% Fibonacci level. Bounce here see prices unwinding oversold intraday studies but bearish structure keeps pressure on the downside. Clear break here 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. Meanwhile, resistance remains at the 7.2500/7.2700 congestion which is expected to cap and sustain losses from the 3 March high at 7.3070.