USD/CNH Technical Analysis: drops to 5-week low, tests head-and-shoulders neckline support
|The USD/CNH pair has dropped to 6.8367 - the neckline of the head-and-shoulders bearish reversal pattern and the lowest level since Dec. 4 - as expected, having suffered an ascending triangle breakdown earlier this month.
Daily chart
- A close below 6.8367 would confirm a head-and-shoulders breakdown. That would mark a transition from the bull market to the bear market and open the doors to 6.6934 (target as per the measured height method).
- Only a move above the bearish-lower high of 6.9193 (right shoulder high) would revive the bullish view.
Trend: Bearish below 6.8367
USD/CNH
Overview:
Today Last Price: 6.8395
Today Daily change: -1.4e+2 pips
Today Daily change %: -0.203%
Today Daily Open: 6.8534
Trends:
Previous Daily SMA20: 6.8834
Previous Daily SMA50: 6.907
Previous Daily SMA100: 6.8954
Previous Daily SMA200: 6.7114
Levels:
Previous Daily High: 6.8687
Previous Daily Low: 6.843
Previous Weekly High: 6.8947
Previous Weekly Low: 6.8594
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Previous Daily Fibonacci 38.2%: 6.8589
Previous Daily Fibonacci 61.8%: 6.8528
Previous Daily Pivot Point S1: 6.8414
Previous Daily Pivot Point S2: 6.8293
Previous Daily Pivot Point S3: 6.8157
Previous Daily Pivot Point R1: 6.8671
Previous Daily Pivot Point R2: 6.8807
Previous Daily Pivot Point R3: 6.8928
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