USD/CNH Price Analysis: Refreshes seven-week top on crossing 6.4700 key hurdle

  • USD/CNH rises for the ninth consecutive day, attacks intraday top.
  • Clear break of 100-day SMA, 50% Fibonacci retracement favor bulls.
  • 61.8% Fibo can test the bulls amid overbought RSI conditions.

USD/CNH picks up bids to 6.4875, up 0.10% intraday, while refreshing the highest levels since early May amid Wednesday’s Asian session.

The Chinese currency (CNH) pair remains on the front foot for the ninth day in a row while justifying the upside break of 100-day SMA and 5% Fibonacci retracement (Fibo.) of April–May declines.

Although sustained crossing of the key hurdle, now support, favor USD/CNH bulls, overbought RSI conditions may trigger the quote’s pullback around 61.8% Fibo. level close to 6.4975.

If at all, the cross-currency pair stays firm beyond 6.4975, the 6.5000 psychological magnet will be crucial to watch for the bulls.

Meanwhile, the pair’s short-term pullback will be tested by the stated support confluence around 6.4700, a break of which will have an additional downside filter in the form of two-month-old horizontal support around 6.4600.

It should, however, be noted that the USD/CNH weakness below 6.4600 will make it vulnerable to recall the early month tops near 6.4100 on the chart.

USD/CNH daily chart

Trend: Pullback expected

additional important levels

Today last price 6.4873
Today Daily Change 0.0063
Today Daily Change % 0.10%
Today daily open 6.481
Daily SMA20 6.406
Daily SMA50 6.4415
Daily SMA100 6.4697
Daily SMA200 6.5337
Previous Daily High 6.4862
Previous Daily Low 6.463
Previous Weekly High 6.4654
Previous Weekly Low 6.3902
Previous Monthly High 6.493
Previous Monthly Low 6.3524
Daily Fibonacci 38.2% 6.4773
Daily Fibonacci 61.8% 6.4719
Daily Pivot Point S1 6.4673
Daily Pivot Point S2 6.4536
Daily Pivot Point S3 6.4442
Daily Pivot Point R1 6.4904
Daily Pivot Point R2 6.4998
Daily Pivot Point R3 6.5135



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Indecisive above 1.1700 as Fed tapering looms

EUR/USD retreats towards 1.1700, teasing monthly low for third straight day. Market sentiment improves over Evergrande, US debt limit extension. ECB policymakers cite inflation risks. Fed remains in focus, as it is expected to provide hints on tapering timing.


GBP/USD remains defensive near 1.3650 amid steady USD, Fed eyed

GBP/USD trades virtually unchanged around 1.3650 following the footprint of the previous session. Supply-chain bottlenecks, higher gas prices limited gains for sterling. US dollar remains elevated near 92.30 ahead of the Fed decision.


Gold sees elusive recovery toward $1,780, Fed eyed

Gold prices print minute gains on Wednesday and lack conviction to break $1,780 convincingly due to a sudden uptick in the greenback following a show from the Bank of Japan (BOJ). FOMC volatility, improved risk sentiment exert pressure on the higher side.

Gold News

Dogecoin price heads south toward $0.10, DOGE bulls show little opposition

Dogecoin price action points to a continuation of the downside pressure it has experienced over the last month. Little supportive price action exists as bulls continue to disappear and fade away. Doge continues to drift lower as bears maintain a relentless assault against the bulls.

Read more

Fed Preview: Three ways in which Powell could down the dollar, and none is the dot-plot

No taper now, but when? That is the main question investors have for the Federal Reserve in its all-important September meeting. The bank buys $120 billion worth of bonds every month and it is set to reduce the pace at some point.

Read more