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  • The USD/CNH pair closed at 6.9745 yesterday (above the August high of 6.9584), bolstering the already bullish setup: the ascending 5-day and 10-day exponential moving averages (EMAs) are trending north. The RSI of 68 is biased toward the bulls and the MACD is signaling that bullish momentum is again gathering pace.
  • Hence, the path of least resistance is on the higher side. The pair looks set to test the psychological hurdle of 7.00.
  • The bullish outlook would be invalidated by a drop below the bullish 10-day EMA.
  • A daily close below the trendline connecting the Aug. 27 low and Sept. 21 low would put the bears back into a commanding position.

Daily Chart

Trend: Bullish

USD/CNH

Overview:
       Last Price:  6.973
       Daily change:  -23  pips
       Daily change:  -0.0330%
       Daily Open:  6.9753
Trends:
       Daily SMA20:  6.9236
       Daily SMA50:  6.881
       Daily SMA100:  6.793
       Daily SMA200:  6.5618
Levels:
       Daily High:  6.976
       Daily Low:  6.9514
       Weekly High:  6.9772
       Weekly Low:  6.9299
       Monthly High:  6.8931
       Monthly Low:  6.8218
       Daily Fibonacci 38.2%:  6.9666
       Daily Fibonacci 61.8%:  6.9608
       Daily Pivot Point S1:  6.9591
       Daily Pivot Point S2:  6.943
       Daily Pivot Point S3:  6.9345
       Daily Pivot Point R1:  6.9837
       Daily Pivot Point R2:  6.9922
       Daily Pivot Point R3:  7.0083