Home USD/CNH Technical Analysis: Falling wedge breakout paves way for re-test of Thurday’s high
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USD/CNH Technical Analysis: Falling wedge breakout paves way for re-test of Thurday’s high

  • The USD/CNH bounced-off the rising trendline support and cut through resistance at 6.8783 a few minutes before press time, confirming a falling wedge breakout on the 15-minute chart.
  • The bullish continuation pattern indicates that the rally from the Dec. 5 low of 6.8526 has resumed.
  • The relative strength index (RSI) on the 15-min chart has turned bullish above 50.00, having carved out a positive divergence earlier today. As a result, the pair could revisit yesterday’s high of 6.9069.
  • The bullish setup would be invalidated if two consecutive 15-min candles close below the ascending trendline. That may happen if equities pick up a strong bid in response to President Trump’s tweet that a deal with China is likely to happen within the next 90 days.

15-minute chart

Trend: Bullish

USD/CNH

Overview:
       Today Last Price:  6.8797
       Today Daily change:  -1.0  pips
       Today Daily change %:  -0.00145%
       Today Daily Open:  6.8798
Trends:
       Previous Daily SMA20:  6.9252
       Previous Daily SMA50:  6.9237
       Previous Daily SMA100:  6.8848
       Previous Daily SMA200:  6.6456
Levels:
       Previous Daily High:  6.9074
       Previous Daily Low:  6.856
       Previous Weekly High:  6.9587
       Previous Weekly Low:  6.9306
       Previous Monthly High:  6.9808
       Previous Monthly Low:  6.8525
       Previous Daily Fibonacci 38.2%:  6.8877
       Previous Daily Fibonacci 61.8%:  6.8756
       Previous Daily Pivot Point S1:  6.8547
       Previous Daily Pivot Point S2:  6.8296
       Previous Daily Pivot Point S3:  6.8032
       Previous Daily Pivot Point R1:  6.9061
       Previous Daily Pivot Point R2:  6.9325
       Previous Daily Pivot Point R3:  6.9576

 

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