USD/CNH Technical Analysis: Confluence of trendline and 50-hour MA seen at 6.6969

Updated: 26 Feb. 2019 | 05:47

USD/CNH is closing on the key resistance at 6.6969, which marks the confluence of a falling trendline and a downward sloping (bearish) 50-hour moving average.

Hourly chart

As seen above, the pair broke out of the symmetrical triangle pattern earlier today and is now trading just short of the resistance at 6.6969. With RSI already above 50.00, a break above 6.6969 could yield a stronger corrective bounce to the 5-day MA, currently located at 6.7027.

Trend: Corrective bounce

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