USD/CNH Price Analysis: Retreats inside weekly triangle below 6.6700

USD/CNH reverses from intraday high, fades bounce off three-week low.
50-HMA probes recovery inside one-week-old symmetrical triangle.
6.6560 support confluence limits immediate downside, 100-HMA adds to the upside filters.

Anil Panchal FXStreet

USD/CNH takes a U-turn from the daily top surrounding 6.6720 as 50-HMA tests the recovery moves inside a weekly triangle. Even so, the offshore Chinese yuan (CNH) pair snaps a four-day downtrend while bouncing off a three-week low, up 0.14% intraday near 6.6675 during Wednesday’s Asian session.

Given the recent pick-up in the RSI (14), the USD/CNH rebound may extend towards breaking the aforementioned triangle’s resistance, around 6.6760.

However, the 100-HMA and 50% Fibonacci retracement (Fibo.) of May 04-13, respectively around 6.7000 and 6.7250, will be strong resistance for the pair to cross afterward.

On the contrary, a convergence of the stated triangle’s support line and 78.6% Fibo. highlights 6.6560 as the short-term key support.

Should USD/CNH bears manage to conquer the 6.6560, the odds of witnessing the pair’s slump towards the monthly low of 6.6116 can’t be ruled out.

USD/CNH: Hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	6.6664
Today Daily Change	0.0084
Today Daily Change %	0.13%
Today daily open	6.658

Trends
Daily SMA20	6.71
Daily SMA50	6.5243
Daily SMA100	6.4366
Daily SMA200	6.4261

Levels
Previous Daily High	6.6902
Previous Daily Low	6.6554
Previous Weekly High	6.8206
Previous Weekly Low	6.6726
Previous Monthly High	6.694
Previous Monthly Low	6.3512
Daily Fibonacci 38.2%	6.6687
Daily Fibonacci 61.8%	6.6769
Daily Pivot Point S1	6.6455
Daily Pivot Point S2	6.633
Daily Pivot Point S3	6.6106
Daily Pivot Point R1	6.6804
Daily Pivot Point R2	6.7028
Daily Pivot Point R3	6.7153

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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