Published: 2025-07-23T03:05:09.000Z
Chart USD/CNH Update: Drifting lower from 7.1910 high
Technical Analyst
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Drifting lower from the 7.1910 high of last week and return below 7.1800 level sets up scope for retest of 7.1615, May low
| 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 | 7.1910 | * | 16 Jul high | S4 | 7.1200 | * | congestion |
Asterisk denotes strength of level
03:00 GMT - Drifting lower from the 7.1910 high of last week and return below 7.1800 level sets up scope for retest of 7.1615, May low. Below this will give way to deeper pullback to retest the 7.1500, July current year low. Break here will see room to further retrace the September/April rally to target 7.1460, 61.8% Fibonacci level. Meanwhile, resistance at the 7.1910 high is expected to cap. Clearance here is needed to fade the downside pressure and open up room for stronger bounce to correct losses from the April high.