USD/CNH Technical Analysis: trendline from Aug. 27 lows could be put to test

The USD/CNH pair fell sharply from 6.98 to 6.91 yesterday, validating the extreme overbought conditions reported by the weekly chart relative strength index (RSI) and stochastic.
The 5- and 10-day exponential moving averages (EMAs) have rolled over in favor of the bears. The pair has also dropped below the key support of the 200-candle EMA on the 4-hour chart.
As a result, the pair looks set to test the support of the trendline connecting the Aug. 27 low and Sept. 21 low. At press time, the trendline support is located at 6.8926. Further losses are ruled out for now as the 4-hour chart RSI and stochastic have dropped into oversold territory.

4-hour Chart

Trend: Bearish

Nov 2, 2018

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