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

Overview
Today last price 6.4873
Today Daily Change 0.0063
Today Daily Change % 0.10%
Today daily open 6.481
 
Trends
Daily SMA20 6.406
Daily SMA50 6.4415
Daily SMA100 6.4697
Daily SMA200 6.5337
 
Levels
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

 

 

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