Published: 2025-03-19T05:47:29.000Z
Chart USD/CNH Update: Extending consolidation above 7.2155 low
Technical Analyst
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Little change, as prices extend consolidation above the 7.2175/55, 38.2% Fibonacci level and low of last week
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3070 | ** | 3 Mar high | S1 | 7.2175/55 | ** | 38.2%, 12 Mar YTD low | |
| R3 | 7.2850 | * | congestion | S2 | 7.2000 | * | congestion | |
| R2 | 7.2700 | ** | 10 Mar high | S3 | 7.1860 | * | 11 Nov low | |
| R1 | 7.2500 | * | congestion | S4 | 7.1705 | * | 50% Sep/Dec rally |
Asterisk denotes strength of level
05:45 GMT - Little change, as prices extend consolidation above the 7.2175/55, 38.2% Fibonacci level and low of last week. Consolidation here see prices unwinding the oversold intraday studies but this is expected to give way to fresh selling pressure later. Break will open up room for deeper pullback to retrace the September/December rally to the 7.2000 congestion. Lower still, will see scope for extension to 7.1860 and 7.1705, 50% Fibonacci level. Meanwhile, resistance at the 7.2500/7.2700 congestion expected to cap and sustain losses from the December/February highs.