Published: 2025-07-17T03:36:25.000Z
Chart USD/CNH Update: Extend consolidation at 7.1800 level
Technical Analyst
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Edged above congestion at the 7.1800 level but lacking momentum to push higher to the 7.2000 level
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2500 | * | congestion | S1 | 7.1615 | * | May low | |
| R3 | 7.2200 | ** | congestion | S2 | 7.1500 | ** | 1 Jul YTD low | |
| R2 | 7.2000 | * | 11 Jun high, congestion | S3 | 7.1460 | * | 61.8% Sep/Apr rally | |
| R1 | 7.1910 | * | 16 Jul high | S4 | 7.1200 | * | congestion |
Asterisk denotes strength of level
03:30 GMT - Edged above congestion at the 7.1800 level but lacking momentum to push higher to the 7.2000 level. Further ranging seen for now around the 7.1800 level and clear break here is needed to open up room for stronger gains to correct losses from the April high. Above the 7.2000 level will see room to retest strong resistance at 7.2200. Meanwhile, support at the 7.1615/7.1500 lows should underpin. Below this will see further slide to target 7.1460, 61.8% Fibonacci level, and 7.1200 congestion.