- USD/CNH (offshore yuan) is trading the narrow range defined by the 50- and 200-hour MAs.
- Risk-on could push the pair above the 200-hour MA.
The USD/CNH pair is trapped between the 50- and 200-hour moving averages (MAs), currently at 6.7726 and 6.7897, respectively.
Reports hit the wires yesterday that the US is considering reducing or lifting tariffs on China with an aim to win China’s support for long-term reforms. In response, stocks picked up a bid, helping USD/CNH defend the 50-hour MA.
More importantly, the futures on the S&P 500 are currently reporting a 0.28 percent gain, that is, the risk assets are likely to remain bid. Therefore, USD/CNH risks penetrating the 200-hour MA hurdle.
That would boost the prospects of a stronger recovery rally. After all, the 14-day relative strength index (RSI) is reporting oversold conditions. As of writing, the pair is trading at 6.7830.
USD/CNH Technical Levels
USD/CNH
Overview:
Today Last Price: 6.7842
Today Daily change: 112 pips
Today Daily change %: 0.165%
Today Daily Open: 6.773
Trends:
Daily SMA20: 6.8434
Daily SMA50: 6.8862
Daily SMA100: 6.8915
Daily SMA200: 6.7286
Levels:
Previous Daily High: 6.7941
Previous Daily Low: 6.7534
Previous Weekly High: 6.8687
Previous Weekly Low: 6.7376
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Daily Fibonacci 38.2%: 6.7786
Daily Fibonacci 61.8%: 6.7689
Daily Pivot Point S1: 6.7529
Daily Pivot Point S2: 6.7328
Daily Pivot Point S3: 6.7122
Daily Pivot Point R1: 6.7936
Daily Pivot Point R2: 6.8142
Daily Pivot Point R3: 6.8343
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