USD/CNH Price Analysis: Prints rising wedge near four-month top

USD/CNH stays pressured, refreshes intraday low, inside bearish chart pattern.
200-HMA can test downside as RSI inches closer to oversold territory.

Anil Panchal FXStreet

USD/CNH stands on a slippery ground while picking the offers around 6.5675 during early Friday. In doing so, the pair remains depressed inside a rising wedge bearish formation near the highest levels since late November.

Given the descending RSI line and sellers-supportive chart pattern near the multi-day top, USD/CNH is likely to confirm the bearish play by breaking the immediate support line of 6.5655.

While a clear break of 6.5655 should theoretically call 6.5100 area, 200-HMA around 6.5500 may challenge the pair’s downside amid likely oversold RSI by then.

Meanwhile, the corrective pullback can eye 6.5760 but the weekly horizontal line around 6.5840 and the stated pattern’s resistance line around 6.5900 will be tough nuts to crack for USD/CNH buyers.

Overall, USD/CNH is ready for consolidating the latest gains but the key HMA can check the bearish moves.

USD/CNH hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	6.5678
Today Daily Change	-0.0076
Today Daily Change %	-0.12%
Today daily open	6.5754

Trends
Daily SMA20	6.5243
Daily SMA50	6.4854
Daily SMA100	6.5023
Daily SMA200	6.6764

Levels
Previous Daily High	6.5876
Previous Daily Low	6.5584
Previous Weekly High	6.5531
Previous Weekly Low	6.502
Previous Monthly High	6.5838
Previous Monthly Low	6.4578
Daily Fibonacci 38.2%	6.5765
Daily Fibonacci 61.8%	6.5695
Daily Pivot Point S1	6.5599
Daily Pivot Point S2	6.5445
Daily Pivot Point S3	6.5306
Daily Pivot Point R1	6.5892
Daily Pivot Point R2	6.6031
Daily Pivot Point R3	6.6185

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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.