USD/CNH Technical Analysis: levels above 6.80 could soon come into play

0

The USD/CNH pair’s quick recovery from the session low of 6.7646 to 6.7867 reinforces the bullish view put forward by the daily chart below. The pair, therefore, could test the downward sloping 50-day moving average (MA), currently at 6.8357, this week. 

Daily chart

  • As seen above, the pair confirmed a falling wedge breakout (bear-to-bull trend change) with a close at 6.7665 on Feb. 4. 
  • The breakout is backed by the bullish crossover between the 5- and 10-day moving averages (MA). 
  • A daily close below the 200-day MA lined up at 6.7473 would abort the bullish view. 

Trend: Bullish

USD/CNH

Overview:
    Today Last Price: 6.7871
    Today Daily change: 29 pips
    Today Daily change %: 0.04%
    Today Daily Open: 6.7842
Trends:
    Daily SMA20: 6.7702
    Daily SMA50: 6.8321
    Daily SMA100: 6.8782
    Daily SMA200: 6.7658
Levels:
    Previous Daily High: 6.7949
    Previous Daily Low: 6.7451
    Previous Weekly High: 6.7949
    Previous Weekly Low: 6.7451
    Previous Monthly High: 6.8947
    Previous Monthly Low: 6.702
    Daily Fibonacci 38.2%: 6.7641
    Daily Fibonacci 61.8%: 6.7759
    Daily Pivot Point S1: 6.7546
    Daily Pivot Point S2: 6.7249
    Daily Pivot Point S3: 6.7048
    Daily Pivot Point R1: 6.8044
    Daily Pivot Point R2: 6.8245
    Daily Pivot Point R3: 6.8542

 

Get the 5 most predictable currency pairs

About Author