Published: 2025-07-03T05:41:05.000Z
Chart USD/CNH Update: Consolidating above 7.1500 low
Technical Analyst
-
Drifting higher from the 7.1500 low as prices consolidate losses from resistance at the 7.2000 congestion
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2500 | * | congestion | S1 | 7.1500 | * | congestion | |
| R3 | 7.2200 | ** | congestion | S2 | 7.1460 | * | 61.8% Sep/Arp rally | |
| R2 | 7.2000 | * | 11 Jun high, congestion | S3 | 7.1200 | * | congestion | |
| R1 | 7.1800 | * | 13 May low, congestion | S4 | 7.1000 | ** | congestion |
Asterisk denotes strength of level
05:50 GMT - Drifting higher from the 7.1500 low as prices consolidate losses from resistance at the 7.2000 congestion. However, bearish price action from the April high keeps focus on the downside and highlights risk for break lower to target 7.1460, 61.8% Fibonacci level. Lower still, will see room for extension to support at the 7.1200/7.1000 congestion. Meanwhile, resistance at the 7.1800 congestion is expected to cap. Gains above here will delay bearish extension and open up room for stronger corrective bounce to the strong resistance at 7.2000/7.2200 area.