USD/CNH Price Analysis: Eases from monthly high but bulls stays hopeful $6.3850

USD/CNH steps back from 50-DMA, seven-week-old resistance line.
Sustained break of previous resistance line from September, bullish MACD favor buyers.
23.6% Fibonacci retracement level adds to downside filters, late October’s top also challenge buyers.

Anil Panchal FXStreet

USD/CNH struggles to justify the People’s Bank of China’s (PBOC) surprise rate cut during early Monday morning in Europe.

Although the offshore Chinese currency (CNH) pair snaps a three-day uptrend to ease from a monthly high, it does keep Friday’s break of a descending trend line from September 21 to underpin bullish bias. Also favoring the USD/CNH bulls are the upbeat MACD signals and the risk-off mood, not to forget covid and financial risks for China.

That said, the 50-DMA and a seven-week-old resistance line challenge short-term buyers around $6.3900 and $6.3920 respectively.

Even if the quote rises past $6.3920, the October 29 peak of $6.4104 will act as an extra hurdle to the north before directing USD/CNH buyers to 61.8% Fibonacci retracement (Fibo.) of September-December downside, near $6.4285.

Meanwhile, pullback moves remain elusive until staying beyond the resistance-turned-support line from September, around $6.3850.

Also challenging the USD/CNH bears is the 23.6% Fibo. level near $6.3675 and November’s low surrounding $6.3615.

USD/CNH: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	6.3872
Today Daily Change	-0.0006
Today Daily Change %	-0.01%
Today daily open	6.3878

Trends
Daily SMA20	6.3784
Daily SMA50	6.3913
Daily SMA100	6.4277
Daily SMA200	6.4501

Levels
Previous Daily High	6.3938
Previous Daily Low	6.3746
Previous Weekly High	6.3938
Previous Weekly Low	6.364
Previous Monthly High	6.4094
Previous Monthly Low	6.3616
Daily Fibonacci 38.2%	6.3865
Daily Fibonacci 61.8%	6.3819
Daily Pivot Point S1	6.377
Daily Pivot Point S2	6.3661
Daily Pivot Point S3	6.3577
Daily Pivot Point R1	6.3963
Daily Pivot Point R2	6.4047
Daily Pivot Point R3	6.4156

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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