• USD/CNH fades bounce off intraday low, down for the second consecutive day.
  • Pullback from 50% Fibonacci retracement, downbeat Momentum line favor sellers.
  • 200-SMA adds to the upside filters, bears brace for fresh yearly low.

USD/CNH remains on the back foot around $6.3600, down 0.10% intraday during the late Asian session on Monday.

The offshore Chinese Yuan (CNH) currency pair dropped to the lowest since December 08 the previous day. The corrective pullback, however, fails to cross the 50% Fibonacci retracement of December 17-31 downside and recalls the USD/CNH sellers.

The latest weakness eyes the latest swing low near the $6.3500 mark before directing the quote towards the previous day’s bottom surrounding $6.3380.

In a case where USD/CNH drops below $6.3380, the 2021 bottom close to $6.3300 will be crucial to watch.

Alternatively, corrective pullback remains elusive below 50% Fibo. level near $6.3660.

Even if the quote manages to cross the $6.3660 hurdle, the 200-HMA level of $6.3731 will challenge the USD/CNH bulls before directing them to the $6.3800 level to the north.

USD/CNH: Four-hour chart

Trend: Further weakness expected

Additional important levels

Today last price 6.3598
Today Daily Change -0.0056
Today Daily Change % -0.09%
Today daily open 6.3654
Daily SMA20 6.3739
Daily SMA50 6.3824
Daily SMA100 6.4178
Daily SMA200 6.4431
Previous Daily High 6.3788
Previous Daily Low 6.3378
Previous Weekly High 6.3794
Previous Weekly Low 6.3378
Previous Monthly High 6.3938
Previous Monthly Low 6.3306
Daily Fibonacci 38.2% 6.3535
Daily Fibonacci 61.8% 6.3631
Daily Pivot Point S1 6.3425
Daily Pivot Point S2 6.3196
Daily Pivot Point S3 6.3014
Daily Pivot Point R1 6.3836
Daily Pivot Point R2 6.4018
Daily Pivot Point R3 6.4247



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