USD/CNH technical analysis: Buyers keep lurking around 1-year old resistance-turned-support
|- USD/CNH remains well beyond 12-month-long support-line even if overbought RSI limits the upside.
- 21-day EMA, November 2018 high gain sellers attention if trend-line breaks.
With its sustained trading beyond 1-year old rising trend-line, the USD/CNH pair takes the bids to 7.1015 during Monday morning in Asia.
However, overbought levels of 14-day relative strength index (RSI) indicate brighter chances for the pair’s pullback towards 7.0625 ahead of visiting 7.0570 trend-line support.
In a case where prices decline below 7.0570 on a daily closing basis, 6.9808 confluence including 21-day exponential moving average (EMA) and November 2018 high will grab sellers’ attention.
On the upside, 7.1170 and 7.1400 can entertain bulls during further rally whereas 7.200 might appear on buyers’ radar then after.
USD/CNH daily chart
Trend: Bullish
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