USD/CNH Price Analysis: Bulls cheer fresh monthly high with eyes on 6.7860

USD/CNH extends one-week-old upward trajectory towards challenging late May’s swing high.
Yearly top in focus as MACD teases bulls, RSI hints at further upside.
Previous resistance line, weekly support trend line restrict short-term downside ahead of seven-week-old horizontal area.

Anil Panchal FXStreet

USD/CNH remains on the front foot as it refreshes the monthly top around 6.7731, around 6.7635 by the press time of Monday’s Asian session.

In doing so, the offshore Chinese yuan (CNH) pair justifies Friday’s upside break of a one-month-old resistance line, now support around 6.7220.

Also keeping the USD/CNH bulls hopeful is the MACD lines suggesting a bull cross, as well as the firmer RSI (14).

That said, the quote stays on the way to the monthly horizontal resistance area surrounding 6.7840-60 before challenging the yearly top near 6.8384.

Should the USD/CNH prices refresh yearly top, the odds of witnessing a rally towards the 6.9000 psychological magnet can’t be ruled out.

Alternatively, pullback moves need to break the 6.7220 resistance-turned-support to recall the short-term sellers.

Following that, a weekly support line could probe the quote’s further downside around 6.6900.

It’s worth noting that a horizontal area comprising multiple lows marked since late April, surrounding 6.6100, appears a tough nut to crack for the USD/CNH bears afterward.

USD/CNH: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	6.7668
Today Daily Change	0.0354
Today Daily Change %	0.53%
Today daily open	6.7314

Trends
Daily SMA20	6.7048
Daily SMA50	6.6079
Daily SMA100	6.4794
Daily SMA200	6.4407

Levels
Previous Daily High	6.7378
Previous Daily Low	6.6858
Previous Weekly High	6.7378
Previous Weekly Low	6.6362
Previous Monthly High	6.8384
Previous Monthly Low	6.6116
Daily Fibonacci 38.2%	6.7179
Daily Fibonacci 61.8%	6.7057
Daily Pivot Point S1	6.6988
Daily Pivot Point S2	6.6662
Daily Pivot Point S3	6.6467
Daily Pivot Point R1	6.7509
Daily Pivot Point R2	6.7704
Daily Pivot Point R3	6.803

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.

AUD/USD eyes 100-SMA hurdle near 0.7035 as hawkish RBA counters firmer USD

AUD/USD regains positive traction on Tuesday and climbs to 0.7030 during the Asian session, reversing the previous day's corrective slide from a one-month high as hawkish RBA rate expectations continue to support the Aussie. Spot prices, however, remain below the 100-day SMA pivotal resistance amid a firmer US Dollar as traders brace for Australia’s September CPI report on Wednesday ahead of the Fed rate decision.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold holds above $4,000 as traders brace for Fed interest rate decision

Gold edges higher during American trading hours on Tuesday after trading in negative territory earlier in the day. A slight decline in Oil prices offers some relief, although a firmer USD limits the upside as traders await the Fed’s monetary policy announcement on Wednesday.

Crypto Today: Bitcoin, Ethereum and XRP on edge as sell-side pressure intensifies

Cryptocurrency prices are broadly correcting on Tuesday, led by Bitcoin (BTC) edging lower below the pivotal $80,000 level. Ethereum (ETH) mirrors Bitcoin’s neutral-to-bearish outlook, while Ripple (XRP) hovers around $1.30.

Experts agree: Fed policy outlook and geopolitical tensions keep US Dollar bid

The US Dollar Index rallies 0.6% in three days and hits fresh two-week highs above 102.00. Investors return to the US Dollar as markets brace for a hawkish hold by the Fed on Wednesday. Waning hopes of any immediate US-Iran peace deal have provided additional support to the safe-haven USD.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.