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USD/CNH Technical Analysis: Bear flag seen in 4H chart

The USD/CNH pair is not out of the woods, as the pair has charted a bear flag – a pause, which often ends up accelerating the preceding downtrend.

4-hour chart

  • As seen above, the currency pair faced rejection at the upper edge of the inverted (bear flag) earlier today.
  • The sell-off from the Dec. 21 high of 6.9193 will likely resume if the lower edge of the flag, currently at 6.7553, is breached. That would open the doors for a drop to 6.5733.
  • The bear flag would be invalidated if the pair finds acceptance above the upper edge, currently at 6.8083.

Trend: Neutral

USD/CNH

Overview:
       Today Last Price:  6.7981
       Today Daily change:  -0.0103  pips
       Today Daily change %:  -0.15%
       Today Daily Open:  6.8084
Trends:
       Daily SMA20:  6.8378
       Daily SMA50:  6.8835
       Daily SMA100:  6.8911
       Daily SMA200:  6.7312
Levels:
       Previous Daily High:  6.8098
       Previous Daily Low:  6.7724
       Previous Weekly High:  6.8098
       Previous Weekly Low:  6.7396
       Previous Monthly High:  6.9509
       Previous Monthly Low:  6.826
       Daily Fibonacci 38.2%:  6.7955
       Daily Fibonacci 61.8%:  6.7867
       Daily Pivot Point S1:  6.7839
       Daily Pivot Point S2:  6.7594
       Daily Pivot Point S3:  6.7464
       Daily Pivot Point R1:  6.8214
       Daily Pivot Point R2:  6.8343
       Daily Pivot Point R3:  6.8588

 

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