- USD/CNH has moved back above the 200-day MA, possibly on the back of dismal China data and technical conditions.
- With the positive move seen today, the 14-day RSI has diverged in favor of the bulls.
The USD/CNH pair is currently trading at 6.74, representing a 0.5 percent rise on the day.
The pair picked up a strong bid at 6.7043 earlier today and crossed the 200-day moving average (MA) of 6.7328 after China's January Caixin PMI printed at 48.3 - the lowest level in nearly three years - stoking fears of a deeper slowdown in the world's second-largest economy.
A strong corrective bounce was expected, as the 14-hour relative strength index (RSI) had diverged in favor of the bulls 24-hours ago. That indicator is now biased bullish above 50.00.
More importantly, the 14-day RSI is now showing a bullish divergence. So, it could be argued that the sell-off from the highs above 6.95 has likely found a short-term bottom at 6.7013.
Technical Levels
USD/CNH
Overview:
Today Last Price: 6.7386
Today Daily change: 0.0293 pips
Today Daily change %: 0.44%
Today Daily Open: 6.7093
Trends:
Daily SMA20: 6.7844
Daily SMA50: 6.8525
Daily SMA100: 6.8832
Daily SMA200: 6.7527
Levels:
Previous Daily High: 6.7592
Previous Daily Low: 6.7026
Previous Weekly High: 6.8189
Previous Weekly Low: 6.7525
Previous Monthly High: 6.8947
Previous Monthly Low: 6.702
Daily Fibonacci 38.2%: 6.7242
Daily Fibonacci 61.8%: 6.7376
Daily Pivot Point S1: 6.6882
Daily Pivot Point S2: 6.6671
Daily Pivot Point S3: 6.6316
Daily Pivot Point R1: 6.7448
Daily Pivot Point R2: 6.7803
Daily Pivot Point R3: 6.8014
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