Home USD/CNH Technical Analysis: looks north after falling channel breakout and weak China data
FXStreet News

USD/CNH Technical Analysis: looks north after falling channel breakout and weak China data

  • The USD/CNH pair is currently trading at 6.8911 – up 0.19 percent on the day – having witnessed a falling channel breakout on the hourly chart yesterday.
  • Notably, the already bullish technical setup on the hourly chart has been bolstered further by the dismal China data – November industrial production came in at 5.4 percent year-on-year, missing the estimated print of 5.9 percent by a big margin. On similar lines, retail sales also missed estimates by printing at 8.1 percent.
  • The big miss on retail sales, in particular, is a cause for concern as it indicates that domestic demand isn’t strong enough to compensate for the slowdown in exports (due to trade war).
  • The USD/CNH pair, therefore, could continue to gain altitude.

Hourly Chart

Trend: Bullish

USD/CNH

Overview:
       Today Last Price:  6.8914
       Today Daily change:  1.3e+2  pips
       Today Daily change %:  0.189%
       Today Daily Open:  6.8784
Trends:
       Previous Daily SMA20:  6.9111
       Previous Daily SMA50:  6.924
       Previous Daily SMA100:  6.8895
       Previous Daily SMA200:  6.6596
Levels:
       Previous Daily High:  6.8888
       Previous Daily Low:  6.8566
       Previous Weekly High:  6.9509
       Previous Weekly Low:  6.826
       Previous Monthly High:  6.9808
       Previous Monthly Low:  6.8525
       Previous Daily Fibonacci 38.2%:  6.8765
       Previous Daily Fibonacci 61.8%:  6.869
       Previous Daily Pivot Point S1:  6.8604
       Previous Daily Pivot Point S2:  6.8424
       Previous Daily Pivot Point S3:  6.8282
       Previous Daily Pivot Point R1:  6.8926
       Previous Daily Pivot Point R2:  6.9068
       Previous Daily Pivot Point R3:  6.9248

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.