USD/CNH Technical Analysis: nearing one-year high as Chinese Yuan continues to slide
|- The US Dollar-Chinese Yuan pairing is clipping back into one-year highs after the US State Department specifically avoided outright labeling China a currency manipulator in their latest currency manipulation report, backing down off the US administration's terse stance towards China and their activities in currency markets. The Yuan is celebrating by continuing to sag into extreme lows that were last set in January of 2017.
- As the pair remains heavily exposed to rapid shifts in market sentiment, the chance for solid technical barriers remains thin, but the 50- and 200-hour moving averages are tending towards the bullish side.
- Mid-August's peak of 6.9586 remains the target for CNH short-sellers, and a repeated turnaround from the 7.0000 handle could see the pair roll over into another bearish cycle.
USD/CNH Chart, 1-Hour
USD/CNH
Overview:
Last Price: 6.9366
Daily change: 62 pips
Daily change: 0.0895%
Daily Open: 6.9304
Trends:
Daily SMA20: 6.892
Daily SMA50: 6.8691
Daily SMA100: 6.749
Daily SMA200: 6.5425
Levels:
Daily High: 6.9318
Daily Low: 6.9068
Weekly High: 6.9433
Weekly Low: 6.8674
Monthly High: 6.9433
Monthly Low: 6.8246
Daily Fibonacci 38.2%: 6.9222
Daily Fibonacci 61.8%: 6.9164
Daily Pivot Point S1: 6.9142
Daily Pivot Point S2: 6.898
Daily Pivot Point S3: 6.8892
Daily Pivot Point R1: 6.9392
Daily Pivot Point R2: 6.948
Daily Pivot Point R3: 6.9642
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