USD/CNH technical analysis: Bid after signs of indecision at key support

• USD/CNH neutralized bearish outlook with a Doji candle on Friday.  
• A close above 6.8797 is needed to confirm a bull reversal.  

USD/CNH is reporting moderate gains this Monday morning in Asia, having created a Doji candle on Friday.  

That candle is widely considered a sign of indecision in the market place. Notably, Doji candle was created at the key support of 6.8527, which is the 38.2% Fibonacci retracement of 6.6757/6.9618 and following a drop from 6.9618.  

So, Doji could be considered a sign of seller exhaustion. The immediate bearish outlook, therefore, stands neutralized. A close  above 6.8797 today would  confirm  bullish Doji reversal.  

On the downside, a daily close below 6.8527 would signal a resumption of the sell-off from the recent high of 6.9618.  

Daily chart

Trend: Bullish above 6.8797

Pivot levels