USD/CNH is trapped between 100- and 200-day moving averages. A close above the 100-day MA would signal a continuation of the recent rally. USD/CNH has been contained to narrow range defined by key averages since Monday. While the upside has been capped by the 100-day moving average (MA), the sellers have had a hard time forcing a break below the 200-day MA. The 100- and 200-day MAs are currently located at 7.0234 and 6.9849, respectively. A break above the 100-day MA would signal a continuation of the rally from recent lows near 6.8450 and open the doors to 7.0865 (Dec. 3 high). That looks likely with the 14-day relative strength index reporting bullish conditions with an above-50 print. On the other hand, a move below the 200-day MA would validate the bearish crossover (a death cross) of the 50- and 200-day MAs and shift risk in favor of a re-test of recent lows. At press time, the pair is trading near 7.00, having found bids close to the 200-day MA in early Asia. Daily chart Trend: Neutral 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 RBA’s Lowe: Doing what we can on unemployment, up to government on fiscal policy FX Street 2 years USD/CNH is trapped between 100- and 200-day moving averages. A close above the 100-day MA would signal a continuation of the recent rally. USD/CNH has been contained to narrow range defined by key averages since Monday. While the upside has been capped by the 100-day moving average (MA), the sellers have had a hard time forcing a break below the 200-day MA. The 100- and 200-day MAs are currently located at 7.0234 and 6.9849, respectively. A break above the 100-day MA would signal a continuation of the rally from recent lows near 6.8450 and open the doors to 7.0865 (Dec.… 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.
