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  • Having defended the key  rising trendline earlier this month, the USD/CNH pair closed yesterday above 6.9312 yesterday – the 61.8% Fib R of 6.98/6.8521 – confirming that the pullback has likely ended and the bulls have regained control.
  • The bullish close above the 61.8% Fib is also backed by the ascending 5-, 10-day exponential moving averages (EMAs).
  • As a result, the pair could take out the recent high of 6.98 and test the major psychological hurdle of 7.00 in the near-term.
  • A daily close below the 10-day EMA would weaken the bullish pressure.

Daily Chart

Trend: Bullish

USD/CNH

Overview:
       Last Price:  6.9465
       Daily change:  1.1e+2  pips
       Daily change:  0.151%
       Daily Open:  6.936
Trends:
       Daily SMA20:  6.9356
       Daily SMA50:  6.8967
       Daily SMA100:  6.8318
       Daily SMA200:  6.5846
Levels:
       Daily High:  6.9401
       Daily Low:  6.9125
       Weekly High:  6.9808
       Weekly Low:  6.8524
       Monthly High:  6.9798
       Monthly Low:  6.8674
       Daily Fibonacci 38.2%:  6.9296
       Daily Fibonacci 61.8%:  6.923
       Daily Pivot Point S1:  6.919
       Daily Pivot Point S2:  6.9019
       Daily Pivot Point S3:  6.8914
       Daily Pivot Point R1:  6.9466
       Daily Pivot Point R2:  6.9571
       Daily Pivot Point R3:  6.9742