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  • 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

  • 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