Published: 2025-07-22T05:34:39.000Z
Chart USD/CNH Update: Leaning lower from 7.1910 high
Technical Analyst
-
Leaning lower in consolidation following pullback from the 7.1910 high of last week
| 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
05:30 GMT - Leaning lower in consolidation following pullback from the 7.1910 high of last week to set up scope for retest of 7.1615, May low. Ranging action is expected to give way to deeper pullback to retest the 7.1500, July current year low. Break here will see slide to target 7.1460, 61.8% Fibonacci level. Meanwhile, resistance at the 7.1910 high is expected to cap. Clearance here is needed to open up room for stronger bounce to correct losses from the April high.