USD/CNH Price Analysis: Move beyond $6.5000 as breaks ascending triangle

USD/CNH edges higher on Friday in the Asian time.
Pair looks for additional gains if price decisively crosses $6.5100.
Momentum oscillator trades in the overbought zone with a bullish crossover.

Rekha Chauhan Independent Analyst

USD/CNH manages to sustain the previous day’s gain on Friday and touches the high of $6.5100. The pair opened lower but swiftly recovered and touch the intraday high at $6.5104.

At the time of writing, USD/CNH is trading at $6.5063, up 0.11% for the day.

USD/CNH Daily Chart

On the daily chart, the pair has been rising since July 30, from the long term support placed at $6.4525.

Price breaks the ascending triangle formation on Friday, which is a bullish price confirmation.

In doing so, USD/CNH bulls would be ready to move forward toward the $6.5200 horizontal resistance level followed by the high of July 28 at $6.5277.

The Moving Average Convergence Divergence (MACD) indicator signifies the underlying bullish sentiment in the pair. Any uptick in the MACD would amplify the buying opportunity till the high of April 15 at $6.5441.
Alternatively, a reversal in price movement would try to test the $6.4968 horizontal support level.

A daily close below the mentioned level would confirm the dominance of the bears over the price action.

Next, the market participants keep their eye on the $6.4880 horizontal support level followed by the $6.4776 horizontal support level

USD/CNH additional levels

USD/CNH

Overview
Today last price	6.5068
Today Daily Change	0.0058
Today Daily Change %	0.09
Today daily open	6.501

Trends
Daily SMA20	6.4793
Daily SMA50	6.4702
Daily SMA100	6.465
Daily SMA200	6.4836

Levels
Previous Daily High	6.5042
Previous Daily Low	6.4838
Previous Weekly High	6.4928
Previous Weekly Low	6.4728
Previous Monthly High	6.5286
Previous Monthly Low	6.4508
Daily Fibonacci 38.2%	6.4964
Daily Fibonacci 61.8%	6.4916
Daily Pivot Point S1	6.4884
Daily Pivot Point S2	6.4758
Daily Pivot Point S3	6.4679
Daily Pivot Point R1	6.5089
Daily Pivot Point R2	6.5168
Daily Pivot Point R3	6.5294

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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