USD/CNH technical analysis: U-turn from 6.9000/05 highlights 4H 50/100 MA confluence
|- USD/CNH keeps failing to cross the horizontal resistance region since early-month.
- 4H 50/100 MA confluence becomes near-term key support.
With its another failure to cross 6.9000/05 horizontal-area, USD/CNH witnesses pullback as it declines to 6.8871 ahead of Tuesday’s European session.
The pair now aims for the 6.8812/15 confluence including 50 and 100-bar moving averages on the 4-hour chart (4H 50/100 MA), a break of which can fetch prices to 12-day long ascending trend-line, at 6.8692.
Should the quote refrains from respecting 6.8692 support, 23.6% Fibonacci retracement of its June month south-run, at 6.8512, can be on sellers’ mind.
Meanwhile, an upside clearance of 6.90005 comprising multiple highs since early-month can trigger pair’s fresh advances to June 19 high close to 6.9100 ahead of pushing buyers towards early-June lows surrounding 6.9150/60.
USD/CNH 4-hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.