USD/CNY looks south with lower highs on the daily chart. The 50-day SMA is the level to beat for the bulls. USD/CNY fell to 6.4491 a few minutes before press time to hit the lowest level since Jan. 5, having faced rejection near 6.4920 on Monday. With the pullback, the pair has established yet another bearish lower high (shallow bounce) on the daily chart. Ever since it peaked above 7.00 in May last year, the pair has been printing lower highs and lower lows. The bias will remain bearish while the structure is held intact. If the immediate support at 6.4294 (Jan. 5 low) is breached, the focus would shift to 6.40, following which, the next major support is seen directly at 6.2419 (March 2018 low). A sustained move above the descending 50-day Simple Moving Average (SMA) is needed to confirm a bullish reversal. Daily chart Trend: Bearish Technical levels 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 US House votes to pass measure urging Pence to help remove Trump via 25th Amendment FX Street 2 years USD/CNY looks south with lower highs on the daily chart. The 50-day SMA is the level to beat for the bulls. USD/CNY fell to 6.4491 a few minutes before press time to hit the lowest level since Jan. 5, having faced rejection near 6.4920 on Monday. With the pullback, the pair has established yet another bearish lower high (shallow bounce) on the daily chart. Ever since it peaked above 7.00 in May last year, the pair has been printing lower highs and lower lows. The bias will remain bearish while the structure is held intact. If the immediate support at… 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.
