Published: 2025-02-18T05:41:16.000Z
Chart USD/CNH Update: Extending bounce from 7.2425 low
Technical Analyst
-
Extending bounce from the 7.2425 low as prices consolidate losses from the 7.3270 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3400 | * | congestion | S1 | 7.2425 | * | 17 Feb low | |
| R3 | 7.3270 | ** | 19 Dec high | S2 | 7.2345 | ** | 24 Jan YTD low | |
| R2 | 7.3000 | * | congestion | S3 | 7.2175 | * | 38.2% Sep/Jan rally | |
| R1 | 7.2910 | 14 Feb high | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
06:35 GMT - Extending bounce from the 7.2425 low as prices consolidate losses from the 7.3270 resistance and unwind the oversold intraday and daily studies. Above the 7.2690 resistance see room to the 7.2910/7.3000 congestion which is expected to cap and give way to fresh selling pressure later. Break of the 7.2425 low will expose the January YTD low at 7.2345 to retest and where break will confirm a double top at the 7.3700 highs and open up room for deeper retracement of the September/December rally to 7.2175, 38.2% Fibonacci level.