Published: 2025-05-06T04:43:37.000Z
Chart USD/CNH Update: Consolidating above 7.2000
Technical Analyst
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Turned up from fresh year low at 7.1845 to consolidate above the 7.2000 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.2000 | * | congestion | |
| R3 | 7.2785 | ** | 14 Apr low | S2 | 7.1845 | ** | 5 May YTD low | |
| R2 | 7.2500/65 | * | congestion, 29 Apr low | S3 | 7.1650 | * | Oct high | |
| R1 | 7.2210 | * | 200-day MA | S4 | 7.1500 | ** | congestion |
Asterisk denotes strength of level
04:40 GMT - Turned up from fresh year low at 7.1845 to consolidate above the 7.2000 level. Bounce see prices unwinding oversold intraday and daily studies but the downside remains vulnerable. Close below the 7.2000 level will see room for continuation of the losses from the Aprill high to the 7.1650 support then the 7.1500 congestion. Meanwhile, resistance is lowered to the 200-day MA at 7.2210. Lift over this will open up room for stronger corrective bounce to the 7.2500/7.2565 congestion and low of 29 April.