Published: 2025-04-04T04:39:37.000Z
Chart USD/CNH Update: Extending rejection from 7.3500 high
Technical Analyst
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Sharply lower to extend rejection from the Thursday's spike high at the 7.3500 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3270 | * | 19 Dec high | S1 | 7.2345 | * | Jan low | |
| R3 | 7.3110 | ** | Jul high | S2 | 7.2260 | * | Feb low | |
| R2 | 7.3000 | * | congestion | S3 | 7.2155 | ** | 12 Mar YTD low | |
| R1 | 7.2850 | * | congestion | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
04:35 GMT - Sharply lower to extend rejection from the Thursday's spike high at the 7.3500 level. Break of the 7.2700 and 7.2500 congestion return focus to the downside for retest of the 7.2345 and 7.2260, January and February lows. Below these will return focus to the 7.2155, 12 March YTD low, where break will see deeper pullback to retrace the September/December rally. Meanwhile, resistance is lowered to 7.2850 congestion which is expected to cap and sustain rejection from the 7.3500 high.