USD/CNH Technical Levels: Bullish RSI divergence noted on 1H chart

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The bullish divergence of the relative strength index (RSI) seen in USD/CNH’s hourly chart indicates scope for a corrective bounce to 6.7374 (Jan. 11 low). 

Hourly chart

As seen above, the pair is chipping away at the falling trendline. A break higher would expose 6.7374 (Jan. 11 low) and the downward sloping 50-hour moving average (MA) currently located at 6.7415. 

A move below 6.7074 would invalidate the bullish RSI divergence. 

Trend: corrective bounce

 

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