USD/CNH Price Analysis: Bounces off two-week-old rising channel’s support

USD/CNH refreshes intraday top while snapping a two-day losing streak.
Bullish chart formation, easing bearish bias of MACD favor buyers.
Short-term horizontal area adds to the downside filters, channel’s resistance can test the bulls.

Anil Panchal FXStreet

USD/CNH takes the bids to the intraday high of 6.4768, up 0.13% on a day, during the early Tuesday. In doing so, the Chinese currency pair takes a u-turn from the support line of an ascending channel pattern established in mid-February.

In addition to the quote’s ability to keep the bullish chart pattern, receding bearish MACD also keeps the USD/CNH buyers hopeful.

That said, the early February top near 6.4880 offers immediate resistance to the quote ahead of pushing it to the stated channel’s upper line, at 6.5125 now.

During the rise, the 6.5000 threshold can offer an intermediate halt whereas highs marked during February and late January, respectively around 6.5080 and 6.5150, can add filters to the north-run.

Meanwhile, a downside break of 6.4545 will defy the bullish chart pattern and call the USD/CNH sellers to attack a horizontal area comprising multiple levels since late January, around 6.4400-4375.

If at all the USD/CNH bears dominate past-6.4375, the 6.4080 level may offer a buffer during the quote’s south-run targeting the 6.4000 psychological benchmark.

USD/CNH four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	6.4766
Today Daily Change	0.0085
Today Daily Change %	0.13%
Today daily open	6.4681

Trends
Daily SMA20	6.4497
Daily SMA50	6.4706
Daily SMA100	6.5369
Daily SMA200	6.7426

Levels
Previous Daily High	6.4826
Previous Daily Low	6.4648
Previous Weekly High	6.5084
Previous Weekly Low	6.441
Previous Monthly High	6.5084
Previous Monthly Low	6.4008
Daily Fibonacci 38.2%	6.4716
Daily Fibonacci 61.8%	6.4759
Daily Pivot Point S1	6.4611
Daily Pivot Point S2	6.4541
Daily Pivot Point S3	6.4433
Daily Pivot Point R1	6.4789
Daily Pivot Point R2	6.4897
Daily Pivot Point R3	6.4967

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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