- Trapped in a symmetrical triangle or a narrowing price range, the USD/CNH is currently lacking a clear direction. The pair, however, may pick up a strong bid and rise through the upper edge of the triangle, confirming a bull breakout if the Fed policymakers, scheduled to speak this week, put more emphasis on the need for an above-neutral rate policy.
Daily chart
-636788802438555547.png)
- As seen above, the triangle resistance is currently located at 6.9575 and the support is seen at 6.9262.
- A bull breakout, if confirmed, would signal a resumption of the rally and allow a test of the major psychological hurdle of 7.00. The 14-day relative strength index (RSI) of 55 indicates there is plenty of room to rally after the bull breakout.
- A triangle breakout, however, would validate the bearish divergence of the 14-week RSI and open the doors to a deeper pullback 6.80.
USD/CNH
Overview:
Today Last Price: 6.9476
Today Daily change: 74 pips
Today Daily change %: 0.107%
Today Daily Open: 6.9402
Trends:
Previous Daily SMA20: 6.9351
Previous Daily SMA50: 6.9167
Previous Daily SMA100: 6.8697
Previous Daily SMA200: 6.6222
Levels:
Previous Daily High: 6.948
Previous Daily Low: 6.9306
Previous Weekly High: 6.9504
Previous Weekly Low: 6.9191
Previous Monthly High: 6.9798
Previous Monthly Low: 6.8674
Previous Daily Fibonacci 38.2%: 6.9372
Previous Daily Fibonacci 61.8%: 6.9414
Previous Daily Pivot Point S1: 6.9312
Previous Daily Pivot Point S2: 6.9222
Previous Daily Pivot Point S3: 6.9138
Previous Daily Pivot Point R1: 6.9486
Previous Daily Pivot Point R2: 6.957
Previous Daily Pivot Point R3: 6.966
Share
