USD/CNH Technical Analysis: Bullish RSI divergence seen on the hourly RSI
|- The USD/CNH hourly chart shows a bullish relative strength index (RSI). As a result, the currency pair could revisit the 10-day moving average (MA) hurdle of 0.8623 before resuming the sell-off as called by the last week's big bearish inverted hammer candle.
- It's worth noting that a break below 6.8226 would invalidate the bullish RSI divergence and would open the doors to 6.7877 (23.6% Fib R of 6.2353/6.9584).
Hourly Chart
Spot Rate: 6.8347
Daily High: 6.8374
Daily Low: 6.8226
Trend: Intraday bullish
R1: 6.8609 (5-day MA)
R2: 6.8623 (10-day MA)
R3: 6.9124 (Aug. 3 high)
Support
S1: 6.8056 (Aug. 8 low)
S2: 6.7877 (23.6% Fib R of 6.2353/6.9584)
S3: 6.7737 (July 31 low)
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