Published: 2025-02-27T05:34:34.000Z
Chart USD/CNH Update: Extending bounce from 7.2260 low
Technical Analyst
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Extending bounce from the 7.2260 low as prices unwind oversold daily studies
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3270 | * | 18 Dec high | S1 | 7.2500 | * | congestion | |
| R3 | 7.3000 | * | congestion | S2 | 7.2345 | * | Jan low | |
| R2 | 7.2930 | ** | 19 Feb high | S3 | 7.2260 | ** | 24 Feb YTD low | |
| R1 | 7.2700 | * | 5 Feb low, congestion | S4 | 7.2175 | * | 38.2% Sep/Jan rally |
Asterisk denotes strength of level
05:30 GMT - Extending bounce from the 7.2260 low as prices unwind oversold daily studies to reach resistance at 7.2700 congestion. Break here will open up room to the strong resistance at the 7.2930/7.3000 area. Higher still, if seen, will turn focus to the 7.3270, 18 December high. However, gains are seen corrective and expected to give way to fresh selling pressure later to retrace September/December rally to 7.2175, 38.2% Fibonacci level. Below the 7.2260 low will open up room to 7.2175, 38.2% Fibonacci level.