USD/CNH nears one-week low after taking a U-turn from 100-day SMA. 21-day SMA could please sellers during further downside. USD/CNH stays modestly changed to 6.9785 as Chinese markets open for Thursday’s trading session. The pair recently reversed from the key resistance confluence including 100-day SMA and 50% Fibonacci retracement of its fall from September 2019 to January 2020. However, 50-day SMA seems to limit the pair’s immediate declines. As a result, the chances of the pair’s bounce to 7.000 round-figure becomes too high. Though, its further advances seem difficult unless clearing the 7.0215/20 resistance confluence. If at all coronavirus fears manage to propel the quote beyond 7.0220 on a daily closing basis, 61.8% Fibonacci retracement level of 7.0630 and a descending trend line from September 2019, currently at 7.0870, will be in focus. On the downside, pair’s daily closing below 50-day SMA level of 6.9730 can drag it further towards 6.9355 comprising 21-day SMA. During the quote’s additional weakness past-6.9355, mid-January top around 6.9060 and 6.9000 will act as buffers to the yearly bottom near 6.8460/55. USD/CNH daily chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Agriculture Sec. Perdue: US must be understanding if China coronavirus impacts trade pledges FX Street 2 years USD/CNH nears one-week low after taking a U-turn from 100-day SMA. 21-day SMA could please sellers during further downside. USD/CNH stays modestly changed to 6.9785 as Chinese markets open for Thursday’s trading session. The pair recently reversed from the key resistance confluence including 100-day SMA and 50% Fibonacci retracement of its fall from September 2019 to January 2020. However, 50-day SMA seems to limit the pair’s immediate declines. As a result, the chances of the pair’s bounce to 7.000 round-figure becomes too high. Though, its further advances seem difficult unless clearing the 7.0215/20 resistance confluence. If at all coronavirus fears… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
