USD/CNH Price Analysis: Nears 100-day SMA hurdle

USD/CNH flirts with the 100-day SMA hurdle for the second trading day.
Technical indicators favor a breakout above the key resistance.

Omkar Godbole FXStreet Contributor

USD/CNH is trading just short of the 100-day Simple Moving Average (SMA) currently at 6.5232, having failed to close above the key hurdle on Friday.

A convincing move above the SMA would validate the upside break of a multi-month long descending trendline confirmed last week and open the doors to the 200-day SMA, currently at 6.72.

The 14-day Relative Strength Index is also supporting the bullish view with an above-50 print.

A close below the higher low of 6.4581 created on March 4 would put the bears back into the driver's seat.

Daily chart

Trend: Bullish

Technical levels

USD/CNH

Overview
Today last price	6.5193
Today Daily Change	0.0067
Today Daily Change %	0.10
Today daily open	6.5126

Trends
Daily SMA20	6.4549
Daily SMA50	6.4674
Daily SMA100	6.5278
Daily SMA200	6.7293

Levels
Previous Daily High	6.5288
Previous Daily Low	6.4794
Previous Weekly High	6.5288
Previous Weekly Low	6.4578
Previous Monthly High	6.5084
Previous Monthly Low	6.4008
Daily Fibonacci 38.2%	6.51
Daily Fibonacci 61.8%	6.4983
Daily Pivot Point S1	6.4851
Daily Pivot Point S2	6.4576
Daily Pivot Point S3	6.4357
Daily Pivot Point R1	6.5345
Daily Pivot Point R2	6.5564
Daily Pivot Point R3	6.5839

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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