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  • The USD/CNH is currently trading at 6.9044, having clocked a low of 6.8842 earlier today.
  • The pair printed daily lows below the trendline connecting the Aug. 27 low and Sept. 21 low on Friday but closed the day well above the diagonal support lined. The recovery from 6.8842 to 6.9044 seen today also kept the support line intact.
  • So, it seems safe to say that bears have like run dry. As a result, a strong bounce to 10-day EMA of 6.9316 could be in the offing.
  • Chinese stocks are down 0.40 percent in early trade. China services PMI for October came in at 50.8, missing the estimated print of 52.8 by a wide margin, indicating a short deceleration in the service sector activity. The disappointing data may further strengthen the bid tone around the USD/CNH pair.

Daily Chart

Trend: Bullish


       Last Price:  6.9085
       Daily change:  1.1e+2  pips
       Daily change:  0.152%
       Daily Open:  6.898
       Daily SMA20:  6.9333
       Daily SMA50:  6.8887
       Daily SMA100:  6.8141
       Daily SMA200:  6.5728
       Daily High:  6.9306
       Daily Low:  6.8524
       Weekly High:  6.9808
       Weekly Low:  6.8524
       Monthly High:  6.9798
       Monthly Low:  6.8674
       Daily Fibonacci 38.2%:  6.8823
       Daily Fibonacci 61.8%:  6.9007
       Daily Pivot Point S1:  6.8567
       Daily Pivot Point S2:  6.8155
       Daily Pivot Point S3:  6.7785
       Daily Pivot Point R1:  6.9349
       Daily Pivot Point R2:  6.9719
       Daily Pivot Point R3:  7.0131