Published: 2025-03-24T07:12:08.000Z
Chart USD/CNH Update: Higher in consolidation from 7.2155 low
Technical Analyst
1
Break above the 7.2500 resistance extending bounce from support at the 1.2175/55, Fibonacci level and 12 March low
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3070 | ** | 3 Mar high | S1 | 7.2260 | * | Feb low | |
| R3 | 7.3070 | ** | 3 Mar high | S2 | 7.2175/55 | ** | 38.2%, 12 Mar YTD low | |
| R2 | 7.2850 | * | congestion | S3 | 7.2000 | * | congestion | |
| R1 | 7.2700 | ** | 10 Mar high | S4 | 7.1860 | * | 11 Nov low |
Asterisk denotes strength of level
07:10 GMT - Break above the 7.2500 resistance extending bounce from support at the 1.2175/55, Fibonacci level and 12 March low as prices unwind the oversold daily studies. Higher will see room to the 7.2700 resistance and the 7.2850 congestion. Corrective gains are expected to give way to renewed selling pressure later to retest the 7.2260 and 7.2155 lows. Break here will open up room for deeper pullback to retrace the September/December rally to the 7.2000 congestion. Lower still, will deeper pullback to 7.1860 and 7.1705, 50% Fibonacci level.