USD/CNH tests key MA for first in two months. Bulls have pushed the pair above a three-month descending trendline. Daily chat indicators are reporting strong upside bias. USD/CNH rose above the psychological resistance of 7.00 on Monday and tested the 100-day moving average (MA) for the first time in two months. At press time, the pair is trading at 7.0146, representing marginal gains on the day and the 100-day MA is placed at 7.0231. The pair closed Monday above the resistance of the trendline connecting Oct. 10 and Dec. 3 highs. The upside breakout is backed by a bullish or above-50 reading on the relative strength index (RSI). Further, the MACD histogram is producing higher bars above the zero line, indicating a strengthening of upward momentum. The 100-day MA hurdle, therefore, could be breached soon. A close higher would open the doors to 7.0865 (December high). A close below the ascending 10-day average at 6.9689 would abort the bullish view. Daily chart Trend: Bullish Technical levels 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 GBP/USD Price Analysis: Nears three-week-old support trendline FX Street 2 years USD/CNH tests key MA for first in two months. Bulls have pushed the pair above a three-month descending trendline. Daily chat indicators are reporting strong upside bias. USD/CNH rose above the psychological resistance of 7.00 on Monday and tested the 100-day moving average (MA) for the first time in two months. At press time, the pair is trading at 7.0146, representing marginal gains on the day and the 100-day MA is placed at 7.0231. The pair closed Monday above the resistance of the trendline connecting Oct. 10 and Dec. 3 highs. The upside breakout is backed by a bullish or… 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.
