USD/CNH Technical Analysis: Eyes fresh 2018 highs
|- The USD/CNH is looking north as China's surprise rate cut has bolstered the bullish technical setup.
- The currency pair bottomed out along the 34-day exponential moving average (EMA) in mid September. The 5-day and 10-day EMAs are again trending north in favor of the bulls.
- The 14-day relative strength index (RSI) is also biased toward the bulls, having bottomed out around 50.00 in the last few weeks.
- The MACD has produced a bullish crossover, signaling the bullish move is gathering pace.
- The pair could soon set fresh yearly highs above 6.9584.
Daily Chart
Spot Rate: 6.9278
Daily High: 6.9347
Daily Low: 6.9163
Trend: Bullish
R1: 6.9374 (previous day's high)
R2: 6.9584 (yearly high)
R3: 6.9861 (December 2016 high)
Support
S1: 6.9163 (support on the hourly chart)
S2: 6.9050 (100-hour EMA)
S3: 6.8904 (support of Oct. 5 low on the hourly chart)
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