The USD/CNH pair could suffer deeper losses if the immediate support at 6.8857 is breached, technical charts indicate.
Daily chart
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- As seen above, the pair suffered an ascending triangle breakdown last week, signaling a continuation of the sell-off from the Nov. 30 high of 6.9564.
- The 5- and 10-day exponential moving averages (EMAs) are trending south, indicating a bearish setup.
- Further, the falling channel indicates the bears are in a commanding position.
All-in-all, the path of least resistance is on the downside. As a result, the 100-day EMA support of 6.8857 could be breached soon. Moreover, that would only bolster the already bearish technical setup, opening doors for 6.8043 (23.6% Fib R of March 2018 low/November high).
A falling channel breakout, if confirmed, would signal a bullish reversal.
Trend: Bearish
USD/CNH
Overview:
Today Last Price: 6.8623
Today Daily change: -47 pips
Today Daily change %: -0.0684%
Today Daily Open: 6.867
Trends:
Previous Daily SMA20: 6.8893
Previous Daily SMA50: 6.9119
Previous Daily SMA100: 6.8951
Previous Daily SMA200: 6.7056
Levels:
Previous Daily High: 6.8838
Previous Daily Low: 6.864
Previous Weekly High: 6.8947
Previous Weekly Low: 6.8594
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Previous Daily Fibonacci 38.2%: 6.8716
Previous Daily Fibonacci 61.8%: 6.8762
Previous Daily Pivot Point S1: 6.8594
Previous Daily Pivot Point S2: 6.8518
Previous Daily Pivot Point S3: 6.8396
Previous Daily Pivot Point R1: 6.8792
Previous Daily Pivot Point R2: 6.8914
Previous Daily Pivot Point R3: 6.899
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