The USD/CNH pair is currently trading at 6.7318 – up 0.87 percent from the recent low of 6.6733. The recovery has neutralized the immediate bearish setup. A bullish reversal, however, would be confirmed only above the 200-candle moving average (MA) on the 4-hour chart, currently at 6.7441.
4-hour chart
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Since the end of December, the pair has created bearish lower highs along the 200-candle MA. So, a bullish higher high above the 200-candle MA hurdle is needed to confirm a short-term bullish reversal.
A convincing break above that key average would open up upside toward 6.80.
Trend: Bullish above 4H 200MA
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