USD/CNH Technical Analysis: breaks below 6.80 after failed breakout

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The offshore yuan (CNH) is pushing higher against the greenback, after the dollar bulls failed to capitalize on the bullish breakout, witnessed yesterday.

Hourly chart

  • As seen in the above chart, the triangle breakout had set the tone for a stronger move toward the resistance at 6.84. The pair, however, ran into offers above 6.81 and fell below the ascending trendline earlier today, putting the bears back into the driver’s seat.
  • As a result, the support of the trendline connecting the Jan. 13 and Jan. 16 lows could be put to test. That trendline support of 6.7728, however, could hold ground as the 14-hour relative strength index (RSI) is now reporting oversold conditions.

Trend: bearish

USD/CNH

Overview:
    Today Last Price: 6.7895
    Today Daily change: -0.0242 pips
    Today Daily change %: -0.36%
    Today Daily Open: 6.8137
Trends:
    Daily SMA20: 6.8286
    Daily SMA50: 6.8775
    Daily SMA100: 6.8904
    Daily SMA200: 6.7366
Levels:
    Previous Daily High: 6.8189
    Previous Daily Low: 6.7988
    Previous Weekly High: 6.8098
    Previous Weekly Low: 6.7396
    Previous Monthly High: 6.9509
    Previous Monthly Low: 6.826
    Daily Fibonacci 38.2%: 6.8112
    Daily Fibonacci 61.8%: 6.8065
    Daily Pivot Point S1: 6.802
    Daily Pivot Point S2: 6.7904
    Daily Pivot Point S3: 6.7819
    Daily Pivot Point R1: 6.8221
    Daily Pivot Point R2: 6.8306
    Daily Pivot Point R3: 6.8422

 

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