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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