USD/CNH Price Analysis: Bulls attack 6.6980 key hurdle

USD/CNH remains on the front foot, grinds higher around crucial resistance.
Multiple tops marked during the week highlight 6.6890 as strong challenge for bulls.
Two-day-old support line, 20-SMA restricts immediate downside ahead of fortnight-long horizontal support.

Anil Panchal FXStreet

USD/CNH holds onto the previous day's recovery moves as buyers attack multiple tops marked surrounding 6.6980, with an intraday high being 6.6972, during Friday’s Asian session.

Given the recently bullish MACD signals and sustained trading beyond the 20-SMA, not to forget the two-day-old rising support line, USD/CNH prices are likely to stay firmer.

That said, a clear upside break of the 6.6980 becomes necessary for the USD/CNH bulls to brace for the 61.8% Fibonacci Expansion (FE) of April 24 to May 03 moves, near 6.7180.

It’s worth noting that the pair’s successful run-up beyond 6.7180 will direct buyers towards the 6.7860 level, counted as the difference of the latest range.

Meanwhile, pullback moves may initially aim for the 20-SMA and aforementioned trend line support, respectively near 6.6640 and 6.6590.

Following that, a horizontal area from April 25, near 6.6090-6110, will be crucial to watch.

USD/CNH: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	6.6922
Today Daily Change	0.0094
Today Daily Change %	0.14%
Today daily open	6.6828

Trends
Daily SMA20	6.5103
Daily SMA50	6.4175
Daily SMA100	6.3885
Daily SMA200	6.4085

Levels
Previous Daily High	6.698
Previous Daily Low	6.6172
Previous Weekly High	6.694
Previous Weekly Low	6.5239
Previous Monthly High	6.694
Previous Monthly Low	6.3512
Daily Fibonacci 38.2%	6.6672
Daily Fibonacci 61.8%	6.6481
Daily Pivot Point S1	6.634
Daily Pivot Point S2	6.5852
Daily Pivot Point S3	6.5532
Daily Pivot Point R1	6.7148
Daily Pivot Point R2	6.7468
Daily Pivot Point R3	6.7956

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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