- USD/CNH flirts with the 100-day SMA hurdle for the second trading day.
- Technical indicators favor a breakout above the key resistance.
USD/CNH is trading just short of the 100-day Simple Moving Average (SMA) currently at 6.5232, having failed to close above the key hurdle on Friday.
A convincing move above the SMA would validate the upside break of a multi-month long descending trendline confirmed last week and open the doors to the 200-day SMA, currently at 6.72.
The 14-day Relative Strength Index is also supporting the bullish view with an above-50 print.
A close below the higher low of 6.4581 created on March 4 would put the bears back into the driver’s seat.
Daily chart
Trend: Bullish
Technical levels
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