Published: 2025-04-17T05:34:40.000Z
Chart USD/CNH Update: Consolidating losses from 7.4290, 8 Apr YTD high
Technical Analyst
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Turned up from the 7.2785 low to consolidate sharp drop from the 7.4290, 8 April YTD high
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3800 | * | congestion | S1 | 7.3000 | * | congestion | |
| R3 | 7.3700/50 | ** | 2024/2022 year highs | S2 | 7.2785 | * | 14 Apr low | |
| R2 | 7.3500 | * | congestion | S3 | 7.2500 | * | congestion | |
| R1 | 7.3365 | * | 8 Apr low | S4 | 7.2155 | ** | 12 Mar YTD low |
Asterisk denotes strength of level
05:30 GMT - Turned up from the 7.2785 low to consolidate sharp drop from the 7.4290, 8 April YTD high. Nearby see resistance starting at 7.3365 then the strong resistance zone at 7.3500 and extending to the 7.3700/50, 2024 and 2022 year highs. The latter expected to cap corrective bounce and give way to renewed selling pressure later. Meanwhile, support is raised to the 7.3000 congestion ahead of 7.2785 low. Break of these will see extension to support at 7.2500. Lower still, will return focus to the March YTD low at 7.2155.