USD/CNH Price Analysis: Oscillates near 6.7850 key resistance

USD/CNH retreats from 11-week high as buyers flirt with horizontal hurdle stretched from May 13.
Sustained trading beyond 21-DMA, two-month-old support line favor buyers.
May’s top, 61.8% FE lure bulls amid firmer RSI line.

Anil Panchal FXStreet

USD/CNH takes a U-turn from its 11-week high as an important resistance line challenge buyers during Tuesday’s Asian session.

However, the firmer RSI (14) and the quote’s successful trading above the 21-DMA, as well as an upward sloping support line from early June, keep the pair buyers hopeful.

That said, a clear daily closing beyond the 6.7850 resistance becomes necessary for the USD/CNH bulls to aim for the yearly high marked in May at around 6.8385.

Following that, the 61.8% Fibonacci Expansion (FE) of the pair’s late March to early June moves, near 6.9200, will be in focus.

It should be noted that January 2020 low near 6.8660 and the 6.9000 round figure could act as buffers during the USD/CNH run-up.

Alternatively, pullback moves could aim for the 21-DMA level surrounding 6.7450 before challenging the short-term support line near 6.7250.

In a case where USD/CNH drops below 6.7250, the odds of witnessing an extended south-run towards June’s low of 6.6168 can’t be ruled out.

Overall, USD/CNH remains on the way to refresh yearly top but the interemediate pullbacks can't be ruled out.

USD/CNH: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	6.7848
Today Daily Change	0.0008
Today Daily Change %	0.01%
Today daily open	6.784

Trends
Daily SMA20	6.7433
Daily SMA50	6.7163
Daily SMA100	6.6175
Daily SMA200	6.4915

Levels
Previous Daily High	6.7904
Previous Daily Low	6.7452
Previous Weekly High	6.7716
Previous Weekly Low	6.7286
Previous Monthly High	6.792
Previous Monthly Low	6.6804
Daily Fibonacci 38.2%	6.7732
Daily Fibonacci 61.8%	6.7625
Daily Pivot Point S1	6.756
Daily Pivot Point S2	6.728
Daily Pivot Point S3	6.7108
Daily Pivot Point R1	6.8012
Daily Pivot Point R2	6.8184
Daily Pivot Point R3	6.8464

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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