USD/CNH Technical Analysis: Falling wedge breakout paves way for re-test of Thurday's high
|- The USD/CNH bounced-off the rising trendline support and cut through resistance at 6.8783 a few minutes before press time, confirming a falling wedge breakout on the 15-minute chart.
- The bullish continuation pattern indicates that the rally from the Dec. 5 low of 6.8526 has resumed.
- The relative strength index (RSI) on the 15-min chart has turned bullish above 50.00, having carved out a positive divergence earlier today. As a result, the pair could revisit yesterday's high of 6.9069.
- The bullish setup would be invalidated if two consecutive 15-min candles close below the ascending trendline. That may happen if equities pick up a strong bid in response to President Trump's tweet that a deal with China is likely to happen within the next 90 days.
15-minute chart
Trend: Bullish
USD/CNH
Overview:
Today Last Price: 6.8797
Today Daily change: -1.0 pips
Today Daily change %: -0.00145%
Today Daily Open: 6.8798
Trends:
Previous Daily SMA20: 6.9252
Previous Daily SMA50: 6.9237
Previous Daily SMA100: 6.8848
Previous Daily SMA200: 6.6456
Levels:
Previous Daily High: 6.9074
Previous Daily Low: 6.856
Previous Weekly High: 6.9587
Previous Weekly Low: 6.9306
Previous Monthly High: 6.9808
Previous Monthly Low: 6.8525
Previous Daily Fibonacci 38.2%: 6.8877
Previous Daily Fibonacci 61.8%: 6.8756
Previous Daily Pivot Point S1: 6.8547
Previous Daily Pivot Point S2: 6.8296
Previous Daily Pivot Point S3: 6.8032
Previous Daily Pivot Point R1: 6.9061
Previous Daily Pivot Point R2: 6.9325
Previous Daily Pivot Point R3: 6.9576
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