Published: 2025-02-19T05:31:29.000Z
Chart USD/CNH Update: Extending corrective bounce
Technical Analyst
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Prices extending bounce from the 7.2425 low to retrace pullback from the 7.3270 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3400 | * | congestion | S1 | 7.2425 | * | 17 Feb low | |
| R3 | 7.3270 | ** | 19 Dec high | S2 | 7.2345 | ** | 24 Jan YTD low | |
| R2 | 7.3000 | * | congestion | S3 | 7.2175 | * | 38.2% Sep/Jan rally | |
| R1 | 7.2910 | 14 Feb high | S4 | 7.2000 | * | congestion |
Asterisk denotes strength of level
05:25 GMT - Prices extending bounce from the 7.2425 low to retrace pullback from the 7.3270 resistance and unwind the oversold intraday and daily studies. Nearby see room to the 7.2910/7.3000 congestion which is expected to cap and give way to fresh selling pressure later. Break of the 7.2500 level and 7.2425 low will expose the January low at 7.2345 to retest. Below the latter will confirm a double top at the 7.3700 highs and open up room for deeper retracement of the September/December rally to 7.2175, 38.2% Fibonacci level.