USD/CNH’s bounce from 6.6699 hit on March 20 has neutralized the immediate bearish setup up. A bullish reversal would be confirmed only above the 4-hour 200-candle moving average (MA), currently at 6.7306.
The average, however, is proving a tough nut to crack at press time, having served as a strong resistance at least four times since mid-December.
As of writing, the pair is trading at 6.7188, having faced rejection at the 4-hour 200-candle MA earlier today.
4-hour chart
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Trend: Bullish above 4H 200MA
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