USD/CNH Price Analysis: Mildly bid above 100-SMA, two-week-old resistance in focus


  • USD/CNH picks up bids to refresh intraday top.
  • Upbeat RSI line, sustained trading beyond the key SMA favor bulls.
  • Sellers need validation from 13-day-old horizontal support for fresh entries.

USD/CNH keeps buyers hopeful while picking up the bids to 6.4800, up 0.10% intraday, amid early Thursday. In doing so, the Chinese currency pair justifies the sustained run-up beyond 100-SMA and Tuesday’s rebound amid an upbeat RSI line.

That said, bulls are currently directed towards a downward sloping trend line from June 23, near 6.4890. However, any further upside will need to cross June top around 6.4950 to keep the buyers happy.

Following that, the 6.5000 threshold and late January tops near 6.5150 should return to the chart.

On the flip side, a clear break below the 100-SMA level of 6.4640 could recall USD/CNH sellers targeting the short-term horizontal support, around 6.4520.

It’s worth noting that the 6.4500 round figure adds a filter to the pair’s downside towards the June 17 swing low of 6.4215.

USD/CNH: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 6.4804
Today Daily Change 0.0062
Today Daily Change % 0.10%
Today daily open 6.4742
 
Trends
Daily SMA20 6.4532
Daily SMA50 6.4348
Daily SMA100 6.4733
Daily SMA200 6.5158
 
Levels
Previous Daily High 6.4836
Previous Daily Low 6.4646
Previous Weekly High 6.491
Previous Weekly Low 6.4568
Previous Monthly High 6.4948
Previous Monthly Low 6.3606
Daily Fibonacci 38.2% 6.4719
Daily Fibonacci 61.8% 6.4764
Daily Pivot Point S1 6.4647
Daily Pivot Point S2 6.4552
Daily Pivot Point S3 6.4457
Daily Pivot Point R1 6.4837
Daily Pivot Point R2 6.4932
Daily Pivot Point R3 6.5027

 

 

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