Published: 2025-05-23T05:39:30.000Z
Chart USD/CNH Update: Weighing on 7.2000, break in focus
Technical Analyst
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Weighing on the 7.2000 level and break here will expose the 7.1800/7.1790 lows to retest
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.1800/90 | ** | congestion, 13 May YTD low | |
| R3 | 7.2785 | ** | 14 Apr low, 38.2% | S2 | 7.1650 | * | Oct high | |
| R2 | 7.2500/65 | * | congestion, 29 Apr low | S3 | 7.1500 | * | congestion | |
| R1 | 7.2200 | * | congestion | S4 | 7.1460 | * | 61.8% Sep/Apr rally |
Asterisk denotes strength of level
05:40 GMT - Weighing on the 7.2000 level and break here will expose the 7.1800/7.1790 lows to retest. Daily studies are tracking lower and suggest scope for break of the latter to extend losses from the Appril current year high at 7.4290 to the lower support at 7.1650, high of October. Lower still, will see extension to the 7.1500 congestion and 7.1460, 61.8% Fibonacci level. Meanwhile, resistance remains at 7.2200 congestion which is expected to cap and sustain losses from the April YTD high.