Published: 2025-05-28T06:08:45.000Z
Chart USD/CNH Update: Extend bounce from 7.1615 low
Technical Analyst
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Extending bounce from the 7.1615 low to reach resistance at 7.2000 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2780 | ** | 14 Apr low | S1 | 7.1800 | * | congestion | |
| R3 | 7.2500 | * | congestion | S2 | 7.1615 | ** | 26 May YTD low | |
| R2 | 7.2155/200 | ** | Mar low, congestion | S3 | 7.1500 | * | Oct high | |
| R1 | 7.2000 | * | congestion | S4 | 7.1460 | * | 61.8% Sep/Apr rally |
Asterisk denotes strength of level
06:05 GMT - Extending bounce from the 7.1615 low to reach resistance at 7.2000 resistance as prices unwind oversold intraday studies. Daily chart have bottomed out from oversold areas as well and suggest scope for break higher to retest resistance at 7.2155/7.2200, March low and congestion area. Higher still, will see scope to the 7.2500 resistance. Meanwhile, support is raised to 7.1800 ahead of 7.1615 low. Corrective bounce is expected to give way to renewed selling pressure later. Break here will see room to the 7.1500 congestion then 7.1460, 61.8% Fibonacci level.