Published: 2025-07-08T02:54:53.000Z
Chart USD/CNH Update: Consolidating test of 7.1800 resistance
Technical Analyst
1
Turned up from the 7.1500 low as prices consolidate losses from the April high to reach resistance at the 7.1800 congestion
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2500 | * | congestion | S1 | 7.1500 | ** | 1 Jun YTD low | |
| R3 | 7.2200 | ** | congestion | S2 | 7.1460 | * | 61.8% Sep/Arp rally | |
| R2 | 7.2000 | * | 11 Jun high, congestion | S3 | 7.1200 | * | congestion | |
| R1 | 7.1800 | * | 13 May low, congestion | S4 | 7.1000 | ** | congestion |
Asterisk denotes strength of level
03:00 GMT - Turned up from the 7.1500 low as prices consolidate losses from the April high to reach resistance at the 7.1800 congestion. Would need break here to open up room for stronger correction to the 7.2000 congestion. Higher still will see strong resistance at 7.2200 congestion and March low expected to cap. Corrective gains are expected to give way to renewed selling pressure later to retrace the September/April gains. Below 7.1500 support will see room for extension to 7.1460, 61.8% Fibonacci level. Lower still, will turn focus to 7.1200/7.1000 congestion.