USD/CNH Price Analysis: Recovers to the 50-hour SMA hurdle

USD/CNH has bounced from multi-month lows to the 50-hour SMA resistance.
Intraday charts show scope for a further corrective rally.

Omkar Godbole FXStreet Contributor

USD/CNH is currently trading near the 50-hour Simple Moving Average (SMA) hurdle of 6.4447, having printed a low of 6.4119 on Tuesday. That was the lowest level since June 2018.

The hourly and 4-hour chart relative strength indices (RSI) have now diverged in favor of the bulls. Meanwhile, the daily chart RSI is reporting oversold conditions with a below-30 print.

As such, a stronger corrective bounce to the 4-hour chart hurdle-turned-support of 6.4927 could be seen. However, a failure to beat the 50-hour SMA may invite selling pressure, yielding a drop to fresh multi-month lows below 6.40.

Hourly chart

Trend: Corrective bounce

Technical levels

USD/CNH

Overview
Today last price	6.4438
Today Daily Change	0.0096
Today Daily Change %	0.15
Today daily open	6.4342

Trends
Daily SMA20	6.5149
Daily SMA50	6.5622
Daily SMA100	6.6752
Daily SMA200	6.8671

Levels
Previous Daily High	6.4578
Previous Daily Low	6.4118
Previous Weekly High	6.5366
Previous Weekly Low	6.4887
Previous Monthly High	6.5854
Previous Monthly Low	6.4887
Daily Fibonacci 38.2%	6.4294
Daily Fibonacci 61.8%	6.4403
Daily Pivot Point S1	6.4115
Daily Pivot Point S2	6.3887
Daily Pivot Point S3	6.3655
Daily Pivot Point R1	6.4575
Daily Pivot Point R2	6.4806
Daily Pivot Point R3	6.5034

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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