Published: 2025-07-29T03:11:28.000Z
Chart USD/CNH Update: Extending bounce from 7.1440 low
Technical Analyst
-
Extending bounce from the 7.1440 current year low to reach resistance at 7.1800
| 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
03:10 GMT - Extending bounce from the 7.1440 current year low to reach resistance at 7.1800. Daily and weekly studies are unwinding oversold reading and suggest room for extension 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 will see room for extension to the 7.1200 congestion.