- 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|
|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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