USD/CNH Technical Analysis: breaks below 6.80 after failed breakout
|The offshore yuan (CNH) is pushing higher against the greenback, after the dollar bulls failed to capitalize on the bullish breakout, witnessed yesterday.
Hourly chart
- As seen in the above chart, the triangle breakout had set the tone for a stronger move toward the resistance at 6.84. The pair, however, ran into offers above 6.81 and fell below the ascending trendline earlier today, putting the bears back into the driver's seat.
- As a result, the support of the trendline connecting the Jan. 13 and Jan. 16 lows could be put to test. That trendline support of 6.7728, however, could hold ground as the 14-hour relative strength index (RSI) is now reporting oversold conditions.
Trend: bearish
USD/CNH
Overview:
Today Last Price: 6.7895
Today Daily change: -0.0242 pips
Today Daily change %: -0.36%
Today Daily Open: 6.8137
Trends:
Daily SMA20: 6.8286
Daily SMA50: 6.8775
Daily SMA100: 6.8904
Daily SMA200: 6.7366
Levels:
Previous Daily High: 6.8189
Previous Daily Low: 6.7988
Previous Weekly High: 6.8098
Previous Weekly Low: 6.7396
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Daily Fibonacci 38.2%: 6.8112
Daily Fibonacci 61.8%: 6.8065
Daily Pivot Point S1: 6.802
Daily Pivot Point S2: 6.7904
Daily Pivot Point S3: 6.7819
Daily Pivot Point R1: 6.8221
Daily Pivot Point R2: 6.8306
Daily Pivot Point R3: 6.8422
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