USD/CNH Price Analysis: 61.8% Fibonacci on buyers’ radar

USD/CNH stays mildly positive above the five-week-old rising trend line, 100-day SMA.
December 2019 high will be next to lure the bulls.
The Horizontal support around 6.9565/75 can question the bears below the key SMA.

Anil Panchal FXStreet

USD/CNH register gains to 7.0357 during early Wednesday. In doing so, the quote maintains its run-up beyond the short-term rising trend line since January 20 as well as 100-day SMA. Also favoring the buyers are bullish MACD signals.

That said, 61.8% Fibonacci retracement of the pair’s declines from October 2019 to January 2020, at 7.0622, is likely next on the buyers’ radar.

If USD/CNH prices remain strong above 7.0622, December 2019 top near 7.0870 will be important as it holds the key to the pair’s further rise towards 7.1000 mark.

Meanwhile, the aforementioned support line, around 7.0215 now, as well as 100-day SMA near 7.0045 can keep questioning the bears ahead of highlighting multiple supports since early-January 2020 around 3.9575/65.

USD/CNH daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	7.0362
Today Daily Change	0.0060
Today Daily Change %	0.09%
Today daily open	7.0302

Trends
Daily SMA20	6.9993
Daily SMA50	6.9682
Daily SMA100	7.0038
Daily SMA200	7.0016

Levels
Previous Daily High	7.037
Previous Daily Low	7.013
Previous Weekly High	7.0572
Previous Weekly Low	6.9736
Previous Monthly High	7.0071
Previous Monthly Low	6.8457
Daily Fibonacci 38.2%	7.0222
Daily Fibonacci 61.8%	7.0278
Daily Pivot Point S1	7.0164
Daily Pivot Point S2	7.0026
Daily Pivot Point S3	6.9924
Daily Pivot Point R1	7.0406
Daily Pivot Point R2	7.0508
Daily Pivot Point R3	7.0646

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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