USD/CNH Price Analysis: Bulls attack monthly resistance line around $6.4000

USD/CNH extends weekly run-up to the key upside hurdle.
100-SMA adds strength to the resistance, Momentum line favor bulls.
Sellers will wait for a clear break of immediate support line for fresh entries.

Anil Panchal FXStreet

USD/CNH picks up bids to 6.4015, up 0.05% intraday, while teasing the one-week top during early Friday.

The off-shore Chinese currency pair battles an important resistance line from early May amid an upbeat Momentum indicator. Also acting as the upside barrier is the 100-SMA.

Hence, USD/CNH bulls should wait for a clear upside break of 6.4090, also wait for the run-up beyond 6.4100, before planning a return.

During the quote’s sustained rise above 6.4100, May 18 low of 6.4180 and the late May tops near 6.4415-20 will be in the spotlight.

Meanwhile, pullback moves will be considered non-harmful until breaking a one-week-old support line, near 1.3625.

Following that, the 6.3750 and the recent multi-month low near 6.3525 should return to the charts.

Overall, USD/CNH is up for the much-awaited corrective pullback but the bulls need to pass an exam.

USD/CNH four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	6.3998
Today Daily Change	0.0008
Today Daily Change %	0.01%
Today daily open	6.399

Trends
Daily SMA20	6.4133
Daily SMA50	6.4773
Daily SMA100	6.4769
Daily SMA200	6.5606

Levels
Previous Daily High	6.4002
Previous Daily Low	6.3792
Previous Weekly High	6.441
Previous Weekly Low	6.3586
Previous Monthly High	6.493
Previous Monthly Low	6.3524
Daily Fibonacci 38.2%	6.3922
Daily Fibonacci 61.8%	6.3872
Daily Pivot Point S1	6.3853
Daily Pivot Point S2	6.3717
Daily Pivot Point S3	6.3642
Daily Pivot Point R1	6.4064
Daily Pivot Point R2	6.4139
Daily Pivot Point R3	6.4275

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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