USD/CNH Technical Analysis: levels above 6.80 could soon come into play
The USD/CNH pair's quick recovery from the session low of 6.7646 to 6.7867 reinforces the bullish view put forward by the daily chart below. The pair, therefore, could test the downward sloping 50-day moving average (MA), currently at 6.8357, this week.
Daily chart
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- As seen above, the pair confirmed a falling wedge breakout (bear-to-bull trend change) with a close at 6.7665 on Feb. 4.
- The breakout is backed by the bullish crossover between the 5- and 10-day moving averages (MA).
- A daily close below the 200-day MA lined up at 6.7473 would abort the bullish view.
Trend: Bullish
USD/CNH
Overview:
Today Last Price: 6.7871
Today Daily change: 0.0029 pips
Today Daily change %: 0.04%
Today Daily Open: 6.7842
Trends:
Daily SMA20: 6.7702
Daily SMA50: 6.8321
Daily SMA100: 6.8782
Daily SMA200: 6.7658
Levels:
Previous Daily High: 6.7949
Previous Daily Low: 6.7451
Previous Weekly High: 6.7949
Previous Weekly Low: 6.7451
Previous Monthly High: 6.8947
Previous Monthly Low: 6.702
Daily Fibonacci 38.2%: 6.7641
Daily Fibonacci 61.8%: 6.7759
Daily Pivot Point S1: 6.7546
Daily Pivot Point S2: 6.7249
Daily Pivot Point S3: 6.7048
Daily Pivot Point R1: 6.8044
Daily Pivot Point R2: 6.8245
Daily Pivot Point R3: 6.8542