USD/CNH Price Analysis: Drops below 200-HMA to refresh weekly low


  • USD/CNH stretches Wednesday’s losses as sellers attack one-week bottom.
  • 61.8% Fibonacci retracement can probe bears, a bumpy road ahead for the bulls.

USD/CNH stands on the slippery ground while taking offers to 6.3795, down 0.12% intraday, during Thursday’s Asian session. In doing so, the pair not only refreshes intraday low but also attacks the last week’s bottom while declining for the second consecutive day.

Bearish MACD signals and a sustained downside break of 200-HMA offer extra catalysts in favor of the AUD/USD sellers.

However, 61.8% Fibonacci retracement of June 01-04 upside, around 6.3795, not to forget previous Wednesday’s low near 6.3769, test further downside of the cross-currency pair.

In a case where USD/CNH bears keep reins below 6.3769, odds of witnessing a fresh low beneath the recent one near 6.3600 can’t be ruled out.

Alternatively, an upside clearance of 200-HMA level of 6.3865 needs to cross the 6.3900 round figures before attacking a downward sloping trend line from last Friday, near 6.3975.

The 6.4000 psychological magnet and the weekly top surrounding 6.4020 are extra hurdles for the USD/CNH buyers to watch.

USD/CNH hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 6.3806
Today Daily Change -0.0068
Today Daily Change % -0.11%
Today daily open 6.3874
 
Trends
Daily SMA20 6.4051
Daily SMA50 6.4636
Daily SMA100 6.4734
Daily SMA200 6.5516
 
Levels
Previous Daily High 6.4012
Previous Daily Low 6.3822
Previous Weekly High 6.4104
Previous Weekly Low 6.3524
Previous Monthly High 6.493
Previous Monthly Low 6.3524
Daily Fibonacci 38.2% 6.3895
Daily Fibonacci 61.8% 6.394
Daily Pivot Point S1 6.3794
Daily Pivot Point S2 6.3713
Daily Pivot Point S3 6.3604
Daily Pivot Point R1 6.3984
Daily Pivot Point R2 6.4093
Daily Pivot Point R3 6.4174

 

 

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