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  • The USD/CNH is currently trading at 6.9161, having opened at a three-week low of 6.8956. Notably, the spot had closed last week 6.9463.
  • The US-China trade truce likely triggered a gap down opening. The temporary pause, however, was more or less priced in and the deeply contentious structural issues around US-China trade remains unresolved. As a result, the spot could fill the gap with a move to Friday’s low of 6.9327.
  • A rejection at 6.9327 would validate the symmetrical triangle breakdown and open the doors for a test of 6.7810 (August low).
  • A move above 6.9583 (Nov. 28 high) would open up upside towards 6.98 (Nov. 1 high) and 7.00 (major psychological resistance).

Daily Chart

Trend: Neutral

USD/CNH

Overview:
       Today Last Price:  6.917
       Today Daily change:  -3.3e+2  pips
       Today Daily change %:  -0.478%
       Today Daily Open:  6.9502
Trends:
       Previous Daily SMA20:  6.9361
       Previous Daily SMA50:  6.9244
       Previous Daily SMA100:  6.8797
       Previous Daily SMA200:  6.6347
Levels:
       Previous Daily High:  6.9567
       Previous Daily Low:  6.934
       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%:  6.948
       Previous Daily Fibonacci 61.8%:  6.9427
       Previous Daily Pivot Point S1:  6.9373
       Previous Daily Pivot Point S2:  6.9243
       Previous Daily Pivot Point S3:  6.9146
       Previous Daily Pivot Point R1:  6.96
       Previous Daily Pivot Point R2:  6.9697
       Previous Daily Pivot Point R3:  6.9827