- Having defended the key rising trendline earlier this month, the USD/CNH pair closed yesterday above 6.9312 yesterday – the 61.8% Fib R of 6.98/6.8521 – confirming that the pullback has likely ended and the bulls have regained control.
- The bullish close above the 61.8% Fib is also backed by the ascending 5-, 10-day exponential moving averages (EMAs).
- As a result, the pair could take out the recent high of 6.98 and test the major psychological hurdle of 7.00 in the near-term.
- A daily close below the 10-day EMA would weaken the bullish pressure.
Daily Chart
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Trend: Bullish
USD/CNH
Overview:
Last Price: 6.9465
Daily change: 1.1e+2 pips
Daily change: 0.151%
Daily Open: 6.936
Trends:
Daily SMA20: 6.9356
Daily SMA50: 6.8967
Daily SMA100: 6.8318
Daily SMA200: 6.5846
Levels:
Daily High: 6.9401
Daily Low: 6.9125
Weekly High: 6.9808
Weekly Low: 6.8524
Monthly High: 6.9798
Monthly Low: 6.8674
Daily Fibonacci 38.2%: 6.9296
Daily Fibonacci 61.8%: 6.923
Daily Pivot Point S1: 6.919
Daily Pivot Point S2: 6.9019
Daily Pivot Point S3: 6.8914
Daily Pivot Point R1: 6.9466
Daily Pivot Point R2: 6.9571
Daily Pivot Point R3: 6.9742
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