Published: 2025-07-09T03:09:58.000Z
Chart USD/CNH Update: Extending gains from 7.1500 low
Technical Analyst
1
Consolidation below the 7.1800 resistance has given way to break to extend gains from the 7.1500 low of last week
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2565 | * | 38.2% Apr/Jul fall | S1 | 7.1700 | * | 8 Jul low | |
| R3 | 7.2500 | * | congestion | S2 | 7.1500 | ** | 1 Jun YTD low | |
| R2 | 7.2200 | ** | congestion | S3 | 7.1460 | * | 61.8% Sep/Apr rally | |
| R1 | 7.2000 | * | 11 Jun high, congestion | S4 | 7.1200 | * | congestion |
Asterisk denotes strength of level
03:05 GMT - Consolidation below the 7.1800 resistance has given way to break to extend gains from the 7.1500 low of last week. Daily studies are tracking higher and open up room for stronger correction of the April losses to the 7.2000 congestion. Higher still, will see strong resistance at 7.2200 congestion and March low which is expected to cap and give way to renewed selling pressure later. Below the 7.1700 support will return focus to the 7.1500 low and see room for break to target 7.1460, 61.8% Fibonacci level. Lower still, will turn focus to 7.1200/7.1000 congestion.