USD/CNH Price Analysis: Drops to 10-week low on upbeat China data

  • USD/CNH stays depressed around multi-day low after strong China Caixin Services PMI, trade numbers for April.
  • Sustained trading below 100-SMA, bearish MACD favor sellers.

USD/CNH takes offers around 6.4560, down 0.13% intraday, while declining to the fresh low since late February on Friday’s pre-European session trading.

Although pair’s sustained trading below 100-day SMA and bearish MACD join the US dollar weakness, amid risk-on mood, favor the pair sellers, upbeat Caixin Services PMI and trade data from China seem to put a bid under the CNH of late.


Against this backdrop, USD/CNH bears keep their eyes on the yearly horizontal support line around 6.4400 as nearby key levels. However, the pair’s inability to bounce off the key support may drag it to February’s bottom, also the yearly trough, near 6.4000.

If at all USD/CHF keeps trading southward below 6.4000 threshold, 61.8% Fibonacci Expansion (FE) of November-February drop, followed by the bounce till March 30, will be a crucial support to watch around 6.3540-35.

Meanwhile, corrective pullback needs to cross the 100-day SMA level of 6.4925 before attacking the 23.6% Fibonacci retracement level of the pair’s downside from late September 2020 to February 2021, near 6.5060.

Overall, USD/CNH bears keep the reins until the pair crosses April’s top of 6.5876.

USD/CNH daily chart

Trend: Bearish

Additional important levels

Today last price 6.4558
Today Daily Change -0.0086
Today Daily Change % -0.13%
Today daily open 6.4644
Daily SMA20 6.4995
Daily SMA50 6.5131
Daily SMA100 6.4929
Daily SMA200 6.6128
Previous Daily High 6.4882
Previous Daily Low 6.4633
Previous Weekly High 6.4908
Previous Weekly Low 6.4614
Previous Monthly High 6.5876
Previous Monthly Low 6.4614
Daily Fibonacci 38.2% 6.4728
Daily Fibonacci 61.8% 6.4787
Daily Pivot Point S1 6.4557
Daily Pivot Point S2 6.447
Daily Pivot Point S3 6.4307
Daily Pivot Point R1 6.4807
Daily Pivot Point R2 6.497
Daily Pivot Point R3 6.5057



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD clings to modest daily gains near 1.1350 after US data

EUR/USD stays afloat in the positive territory near 1.1350 in the early American session as the greenback struggles to gather strength on retreating US T-bond yields. The data from the US revealed that Housing Starts and Building Permits rose by 1.4% and 9.1% on a yearly basis in December, respectively.


GBP/USD holds its ground in the positive territory above 1.3600

GBP/USD holds above 1.3600 in the second half of the day on Wednesday supported by the modest selling pressure surrounding the dollar. The benchmark 10-year US Treasury bond yield stays in the red in the early American session and the US Dollar Index edges lower toward 95.50.


Gold: Bullish breakout exposes November monthly high at 1,877.15

Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields. 

Gold News

Shiba Inu price has a good chance to surge to $0.000040

A brief technical and on-chain analysis on Shiba Inu price. FXStreet's analysts evaluate why SHIB could advance further. 

Read more

Microsoft bets big on Metaverse with $69bln deal for Activision Blizzard

The move will give the tech giant access to Activision’s 390 million monthly users and headline franchises such as Call of Duty, Warcraft and Candy Crush. Find out why Microsoft has made this move.

Read more