USD/CNH Price Analysis: Bulls pierce 200-week SMA to renew 18-month high

USD/CNH rises for third consecutive day to refresh the multi-day top, sidelined of late.
200-week SMA, 50% Fibonacci retracement level tests bulls amid overbought RSI.
Pullback remains elusive beyond April 2021 swing high.

Anil Panchal FXStreet

USD/CNH prints a three-day uptrend to renew the 18-month high around 6.7475 during Monday’s Asian session.

In doing so, the offshore Chinese yuan (CNH) pair crosses the 200-week moving average amid the market’s rush for risk safety, as well as anxiety ahead of China's trade numbers for April.

It should be noted, however, that the overbought RSI conditions and the crucial SMA level, around 6.7385 by the press time, challenge USD/CNH bulls.

Also acting as the key upside filter is the 50% Fibonacci retracement (Fibo.) of the May 2020 to February 2022 downtrend, around 6.7515.

Meanwhile, a pullback move could aim for the 38.2% Fibo level, surrounding 6.6460, but remains elusive until breaking the April 2021 swing high towards the south, at 6.5875.

Overall, USD/CNH is likely to witness a pullback but the latest risk-aversion wave challenges the moves.

USD/CNH: Weekly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	6.7326
Today Daily Change	0.0150
Today Daily Change %	0.22%
Today daily open	6.7176

Trends
Daily SMA20	6.5278
Daily SMA50	6.4257
Daily SMA100	6.3918
Daily SMA200	6.4098

Levels
Previous Daily High	6.7342
Previous Daily Low	6.6822
Previous Weekly High	6.7342
Previous Weekly Low	6.6116
Previous Monthly High	6.694
Previous Monthly Low	6.3512
Daily Fibonacci 38.2%	6.7144
Daily Fibonacci 61.8%	6.7021
Daily Pivot Point S1	6.6885
Daily Pivot Point S2	6.6594
Daily Pivot Point S3	6.6365
Daily Pivot Point R1	6.7405
Daily Pivot Point R2	6.7634
Daily Pivot Point R3	6.7925

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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