Published: 2025-04-23T15:58:44.000Z
Chart USD/CNH Update: Leaning lower in range
Senior Technical Strategist
1
Cautious trade is giving way to a test lower
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3700/50 | ** | 2024/2022 year highs | S1 | 7.2765 | * | 14 Apr (w) low | |
| R3 | 7.3500 | * | congestion | S2 | 7.2500 | * | congestion | |
| R2 | 7.3365 | * | 8 Apr low | S3 | 7.2155 | ** | 12 Mar YTD low | |
| R1 | 7.3000 | * | congestion | S4 | 7.2000 | * | break level |
Asterisk denotes strength of level
16:30 BST - Cautious trade is giving way to a test lower, as intraday studies turn down, with prices consolidating the test of support at the 7.2765 weekly low of 14 April. Intraday studies are under pressure and daily readings are also falling, highlighting potential for a test beneath here and continuation of April losses towards congestion around 7.2500. However, rising weekly charts could limit any initial tests in fresh consolidation. Meanwhile, resistance is lowered to congestion around 7.3000 and extends to 7.3365. This broad range should cap any initial tests higher.