Published: 2025-07-24T03:14:51.000Z
Chart USD/CNH Update: Extending losses to fresh year low
Technical Analyst
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Extending sharp drop from the 7.1910 high of last week to reach fresh year low
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2000 | * | 11 Jun high, congestion | S1 | 7.1460 | * | 61.8% Sep/Apr rally | |
| R3 | 7.1910 | ** | 16 Jul high | S2 | 7.1200 | * | congestion | |
| R2 | 7.1800 | * | congestion | S3 | 7.1000 | ** | figure, congestion | |
| R1 | 7.1615/50 | * | May low, congestion | S4 | 7.0710/00 | * | Aug low, congestion |
Asterisk denotes strength of level
03:10 GMT - Extending sharp drop from the 7.1910 high of last week and break of the 7.1500 support see reaching fresh year low. Lower will see room to further retrace the September/April rally to target 7.1460, 61.8% Fibonacci level. Below this will see extension to the 7.1200 congestion then the 7.1000 figure. Meanwhile, resistance is lowered to the 7.1615/7.1650, May low and congestion area which is expected to cap. Clearance here is needed to open up room for stronger bounce to retest 7.1800/7.1910 resistance.