Published: 2025-06-16T05:15:58.000Z
Chart USD/CNH Update: Range-bound above 7.1700 low
Technical Analyst
2
Range-bound above the 7.1700 low of last week
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.2635 | * | 38.2% Apr/May fall | S1 | 7.1700 | * | 12 Jun low | |
| R3 | 7.2500 | * | congestion | S2 | 7.1615 | ** | 26 May YTD low | |
| R2 | 7.2200 | ** | congestion | S3 | 7.1500 | * | Oct high | |
| R1 | 7.2000 | * | congestion | S4 | 7.1460 | * | 61.8% Sep/Apr rally |
Asterisk denotes strength of level
05:10 GMT - Range-bound above the 7.1700 low of last week as prices as prices consolidate above 7.1615, the May current year low. Daily studies remains mixed and suggest further choppy trade here likely before renewed selling pressure to retest the 7.1615 and extend losses from the 7.4290 April YTD high. Lower will see room to sypport at 7.1500 then 7.1460, 61.8% Fibonacci level. Meanwhile, resistance at the 7.2000 congestion is expected to cap. Break here, if seen, will open up room for retest of the 7.2200/40, congestion and 2 June high.