USD/CNH Price Analysis: Confirms rising wedge on H1

USD/CNH consolidates previous day’s rebound, confirms bearish chart pattern.
50-EMA guards immediate upside, convergence of 100-EMA, weekly resistance line becomes the key hurdle.

Anil Panchal FXStreet

USD/CNH takes offers to $6.3850, confirming the bearish chart formation during early Thursday. In doing so, the Chinese currency (CNH) pair reverses the previous day’s rebound from the lowest since June.

Given the RSI line having a buffer before hitting the oversold territory, coupled with the rising wedge breakdown, USD/CNH may extend the latest south-run toward the recent multi-day low near $6.3685.

It’s worth noting that the yearly low surrounding $6.3525 will challenge the pair bears afterward, failing to do so can recall the year 2018 bottom close to $6.2360.

Meanwhile, 50-EMA near $6.3940 restricts corrective pullback ahead of the $6.4050-55 resistance confluence, including 100-EMA and a descending trend line from October 18.

Overall, USD/CNH remains in the bearish trajectory and the latest confirmation of the rising wedge adds strength to the seller’s view.

USD/CNH: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	6.388
Today Daily Change	-0.0068
Today Daily Change %	-0.11%
Today daily open	6.3948

Trends
Daily SMA20	6.4438
Daily SMA50	6.4568
Daily SMA100	6.4579
Daily SMA200	6.4677

Levels
Previous Daily High	6.3956
Previous Daily Low	6.3728
Previous Weekly High	6.4644
Previous Weekly Low	6.4222
Previous Monthly High	6.488
Previous Monthly Low	6.4244
Daily Fibonacci 38.2%	6.3869
Daily Fibonacci 61.8%	6.3816
Daily Pivot Point S1	6.3799
Daily Pivot Point S2	6.365
Daily Pivot Point S3	6.3571
Daily Pivot Point R1	6.4027
Daily Pivot Point R2	6.4106
Daily Pivot Point R3	6.4255

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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