USD/CNH Price Analysis: RSI probes further downside around 6.40 key support

USD/CNH bounces off yearly bottom amid nearly oversold RSI.
10-day SMA, two-month-old resistance line guard corrective pullback.
PBOC intervenes with a $1.56 billion move the latest.

Anil Panchal FXStreet

USD/CNH extends bounce off three-month low, around 6.4100 during early Tuesday.

Even so, RSI conditions suggest a corrective pullback towards a last Tuesday’s low near 6.4180. Though, any further upside will be challenged by a 10-day SMA level of 6.4340 and a downward sloping trend line resistance line from early April, around 6.4380.

In a case where USD/CNH bulls manage to conquer the 6.4380 hurdle, also cross the 6.4400 round figure, the monthly horizontal resistance near 6.4615 will be in the spotlight.

On the contrary, a daily closing below the 6.4000 threshold becomes necessary for the bears to visit the early 2018 levels surrounding 6.3700.

Overall, USD/CNH remains bearish but corrective pullback can’t be ruled out.

It's worth mentioning that China's central bank, People's Bank of China (PBOC), intervened in the market with a 10 billion yuan (about 1.56 billion U.S. dollars) reverse repo move. With this, the 7-day reverse repo rate is at 2.2% per the PBOC statement.

USD/CNH daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	6.4074
Today Daily Change	-0.0022
Today Daily Change %	-0.03%
Today daily open	6.4096

Trends
Daily SMA20	6.45
Daily SMA50	6.4982
Daily SMA100	6.4831
Daily SMA200	6.5815

Levels
Previous Daily High	6.441
Previous Daily Low	6.4092
Previous Weekly High	6.4498
Previous Weekly Low	6.418
Previous Monthly High	6.5876
Previous Monthly Low	6.4614
Daily Fibonacci 38.2%	6.4213
Daily Fibonacci 61.8%	6.4289
Daily Pivot Point S1	6.3989
Daily Pivot Point S2	6.3881
Daily Pivot Point S3	6.367
Daily Pivot Point R1	6.4308
Daily Pivot Point R2	6.4518
Daily Pivot Point R3	6.4626

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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