Published: 2025-05-16T05:42:39.000Z
Chart USD/CNH Update: Under pressure, focus return to 7.1650 low
Technical Analyst
-
Lower in consolidation after bounce attempt from the 7.1790 low was checked at the 7.2155 resistance
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 7.3000 | * | congestion | S1 | 7.1790 | ** | 13 May YTD low | |
| R3 | 7.2785 | ** | 14 Apr low, 38.2% | S2 | 7.1650 | * | Oct high | |
| R2 | 7.2500/65 | * | congestion, 29 Apr low | S3 | 7.1500 | * | congestion | |
| R1 | 7.2155 | * | Mar low | S4 | 7.1460 | * | 61.8% Sep/Apr rally |
Asterisk denotes strength of level
05:40 GMT - Lower in consolidation after bounce attempt from the 7.1790 low was checked at the 7.2155 resistance. Daily studies have turned mixed and see risk for pullback to retest 7.1800 congestion and 7.1790 low. Below the latter will extend the broader losses from April YTD high to retrace gains from the September low and see room to the 7.1650 support and 7.1500 congestion. Meanwhile, resistance 7.2155 expected to cap. Clearance here is needed to open up room for stronger bounce to retest strong resistance at the 7.2500/65 area.