USD/CNH Price Analysis: Refreshes 17-month high amid overbought RSI

USD/CNH rises to the highest levels since November 2020 despite USD pullback.
Overbought RSI conditions, key Fibonacci retracement levels also challenge the bulls.
200-DMA, previous resistance from March 2021 appear strong support.

Anil Panchal FXStreet

USD/CNH remains on the front foot around a 1.5-year high surrounding 6.6900 during Friday’s Asian session.

In doing so, the offshore Chinese yuan (CNH) ignores the overbought RSI conditions, as well as the broad US dollar pullback from a 20-year peak, marked the previous day, amid worsening covid conditions in China.

That said, a pullback remains elusive until the quote stays beyond the 38.2% Fibonacci retracement (Fibo.) of May 2020 to February 2022 downside, near 6.6500.

Following that, April 2021 peak close to 6.5870 and 23.6% Fibo. level near 6.5165 may lure the USD/CNH bears.

However, the 200-DMA and the resistance-turned-support line from early 2021, respectively around 6.4050 and 6.3985, will challenge the pair’s further downside.

On the contrary, a 50% Fibonacci retracement level of 6.7520 will be on the USD/CNH bull’s radar during the quote’s further upside.

Should the USD/CNH buyers remain dominant past 6.7520, the November 2020 peak of 6.7746 will be in focus.

USD/CNH: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	6.6848
Today Daily Change	0.0262
Today Daily Change %	0.39%
Today daily open	6.6586

Trends
Daily SMA20	6.4392
Daily SMA50	6.3844
Daily SMA100	6.3747
Daily SMA200	6.4043

Levels
Previous Daily High	6.6748
Previous Daily Low	6.5872
Previous Weekly High	6.5476
Previous Weekly Low	6.3742
Previous Monthly High	6.4108
Previous Monthly Low	6.307
Daily Fibonacci 38.2%	6.6414
Daily Fibonacci 61.8%	6.6207
Daily Pivot Point S1	6.6056
Daily Pivot Point S2	6.5526
Daily Pivot Point S3	6.518
Daily Pivot Point R1	6.6932
Daily Pivot Point R2	6.7278
Daily Pivot Point R3	6.7808

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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