USD/CNH Price Analysis: Bounces off short-term support-line on China PMI

  • USD/CNH pulls back from the eight-day-old support trend line.
  • China’s April month official Manufacturing PMI slipped below forecasts.
  • Two-day-old resistance line in focus.
  • 61.8% Fibonacci retracement adds to the support.

With weaker than anticipated China Manufacturing PMI, USD/CNH bounces off immediate support line to currently around 7.0731 during the early Thursday.

China’s Manufacturing PMI slipped below 51.00 market consensus to 50.80, versus 52.00 prior.

Read: China official PMI for April Manufacturing 50.8 (expected 51.0)

Should the pair manage to sustained bounce, a two-day-old falling trend line near 7.0830 will be challenging the bulls ahead of the weekly top near 7.0985.

On the contrary, a downside break of the said support line, at 7.0720, will have to slip below 61.8% Fibonacci retracement of April 14-21 upside, around 7.0680, to revisit sub-7.0600 area.

USD/CNH hourly chart

Trend: Pullback expected

Additional important levels

Today last price 7.0748
Today Daily Change 0.0014
Today Daily Change % 0.02%
Today daily open 7.0734
Daily SMA20 7.0809
Daily SMA50 7.0531
Daily SMA100 7.0085
Daily SMA200 7.0371
Previous Daily High 7.0892
Previous Daily Low 7.071
Previous Weekly High 7.1094
Previous Weekly Low 7.0742
Previous Monthly High 7.1654
Previous Monthly Low 6.9048
Daily Fibonacci 38.2% 7.078
Daily Fibonacci 61.8% 7.0823
Daily Pivot Point S1 7.0665
Daily Pivot Point S2 7.0597
Daily Pivot Point S3 7.0483
Daily Pivot Point R1 7.0847
Daily Pivot Point R2 7.0961
Daily Pivot Point R3 7.1029



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Weekly resistance line, 200-SMA test recovery above 1.1300

EUR/USD pauses corrective pullback from two-month-old support around 1.1330 during the initial Asian session on Tuesday. The major currency pair battles the 200-SMA, as well as a descending trend line from January 17.


GBP/USD is testing critical hourly support

GBP/USD is holding tight in somewhat bearish territory below 1.35 the figure. Sterling dropped on Monday to its lowest in three weeks versus the US dollar, with traders moving out of risk and into safe havens due to the expectations of Fed tightening and escalating tensions between Russia and Ukraine.


Gold approaches $1,848 yearly hurdle as risks dwindle

Gold holds on to the week-start rebound towards the yearly resistance line, dribbles around $1,842 during early Tuesday morning in Europe. Risk assets remain on the back foot as pre-Fed anxiety joins Russia-led geopolitical risks.

Gold News

Bitcoin finds buyers despite new six-month and 2022 lows, BTC relief rally on deck

Bitcoin price action on Monday was mainly in a full-blown bear attack, with a new 2022 and six-month lows hit. That all changed near the end of the NY equity market session when buyers poured in to rally Bitcoin higher to close in the green for the second day in a row.

Read more

The sell-off continues as Fed, earnings and Ukraine trigger sell off

US stocks are having yet another calamitous start to the week, both the Nasdaq and the S&P 500 are down more than 3% at the time of writing. The question now is, will this sell off last, or have we been wrong-footed by another strange Monday in the land of investing?

Read more