USD/CNH Price Analysis: Bears can ignore latest rebound to 6.4400

USD/CNH edges higher around the intraday top, snaps five-day downtrend.
Three-week-old resistance line, 200-SMA challenge upside momentum.
Sellers await weekly support break for fresh entries.

Anil Panchal FXStreet

USD/CNH remains on the front foot around 6.4400, up 0.07% intraday, after the China data dump backed the quote’s first positive daily performance in six during early Wednesday.

Read: China State Bureau: COVID-19 outbreaks, floods hit consumption in August

Even so, a downward sloping trend line from August 20 and a weaker Momentum line hint at the offshore Chinese currency (CNH) pair’s underlying weakness.

That said, a short-term horizontal trend line around 6.4330 holds the key for the USD/CNH sellers’ fresh entries.

Following that, an ascending support line from August 03, near 6.4285, as well as the monthly low close to 6.4240, will be in focus.

Alternatively, the stated resistance line near 6.4490 and 200-SMA level close to 6.4675 restrict the USD/CNH pair’s short-term recovery moves.

However, a clear run-up beyond 6.4675 enables the buyers to ai for the 6.5000 and then to the last month’s peak near 6.5100.

USD/CNH: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	6.4392
Today Daily Change	0.0045
Today Daily Change %	0.07%
Today daily open	6.4347

Trends
Daily SMA20	6.4626
Daily SMA50	6.4714
Daily SMA100	6.4531
Daily SMA200	6.4748

Levels
Previous Daily High	6.4473
Previous Daily Low	6.4298
Previous Weekly High	6.4648
Previous Weekly Low	6.426
Previous Monthly High	6.5102
Previous Monthly Low	6.4473
Daily Fibonacci 38.2%	6.4365
Daily Fibonacci 61.8%	6.4406
Daily Pivot Point S1	6.4272
Daily Pivot Point S2	6.4198
Daily Pivot Point S3	6.4098
Daily Pivot Point R1	6.4446
Daily Pivot Point R2	6.4546
Daily Pivot Point R3	6.462

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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