Published: 2025-09-23T02:54:43.000Z
Chart USD/CNH Update: Room to extend corrective bounce from 7.0850 low
0
-
Settled back from test of the 7.1200 level as prices consolidate bounce from the 7.0850 low
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.1500 | ** | congestion | S1 | 7.1000 | * | congestion | |
| R3 | 7.1440 | * | Jul low | S2 | 7.0850 | ** | 17 Sep YTD low | |
| R2 | 7.1300 | * | congestion | S3 | 7.0800 | * | 76.4% Sep 2024/Apr rally | |
| R1 | 7.1200 | * | congestion | S4 | 7.0500 | * | congestion |
Asterisk denotes strength of level
02:45 GMT - Settled back from test of the 7.1200 level as prices consolidate bounce from the 7.0850 low. Daily studies have turned up from oversold areas and suggest room to extend corrective gains to the 1.1300 congestion. Higher still, will open up room to the strong resistance at the 7.1440/7.1500 July lows which is expected to cap. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 7.1000 level ahead of the 7.0870 low. Below these will see extension to the 7.0800, 76.4% Fibonacci level, then 7.0500 congestion.