USD/CNH pulls back from 100-day EMA, monthly resistance line. 61.8% Fibonacci retracement, 200-day EMA limits near-term declines. USD/CNH fails to hold on to recovery gains as 100-day EMA and one-month-old falling trend line restrict the pair’s near-term upside. The quote currently takes the rounds to 7.0200 by the press time of the pre-European session on Wednesday. Considering bearish conditions of 12-bar Moving Average Convergence and Divergence (MACD) indicator, prices are expected to stretch the latest pullback towards 50% Fibonacci retracement level of July-September upside, at 7.0070, whereas August 18 low near 6.9889 could please sellers afterward. Even so, pair’s further declines will find it hard to prevail unless breaking 61.8% Fibonacci retracement level of 6.9620 and 200-day EMA level of 6.9576 on the daily closing basis. Meanwhile, the pair’s sustained rise beyond a 100-day EMA level of 7.0280 could trigger fresh rise to 38.2% Fibonacci retracement level of 7.0520. However, pair’s further advances will be guarded by the mid-October top near 7.1130. USD/CNH daily chart Trend: Bearish 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. View All Post By FX Street FXStreet News share Read Next RBA: Next cut likely in February 2020 – NAB FX Street 3 years USD/CNH pulls back from 100-day EMA, monthly resistance line. 61.8% Fibonacci retracement, 200-day EMA limits near-term declines. USD/CNH fails to hold on to recovery gains as 100-day EMA and one-month-old falling trend line restrict the pair's near-term upside. The quote currently takes the rounds to 7.0200 by the press time of the pre-European session on Wednesday. Considering bearish conditions of 12-bar Moving Average Convergence and Divergence (MACD) indicator, prices are expected to stretch the latest pullback towards 50% Fibonacci retracement level of July-September upside, at 7.0070, whereas August 18 low near 6.9889 could please sellers afterward. Even so, pair's further… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
