USD/CNH Price Analysis: Sellers attack 200-HMA on PBOC inaction

USD/CNH refreshes intraday low after PBOC kept interest rates unchanged.
200-HMA, two-week-old rising trend line probe short-term sellers.
Weekly descending trend line guards immediate upside amid sluggish MACD.

Anil Panchal FXStreet

USD/CNH fails to justify the People’s Bank of China’s (PBOC) status-quo while refreshing weekly low to 6.4728 during early Wednesday. The currency pair portrays a corrective pullback to 6.4765, down 0.05% intraday, by press time.

Read: The PBoC Interest Rate Decision unchanged

Despite the quote’s latest losses, USD/CNH sellers should remain cautious unless witnessing a downside break of an ascending trend line from January 05, at 6.4640 now. It’s worth mentioning that the 200-bar SMA offers immediate support near 6.4720.

In a case where USD/CNH bears dominate below the stated support line, the last Wednesday’s low near 6.4400 should return to the chart.

Meanwhile, a descending trend line from Monday, currently near 6.4870, will probe the short-term upside of the USD/CNH prices ahead of the key resistance line from November 24 near 6.5015.

Also acting as an upside barrier is the monthly top surrounding 6.5050, a break of which can recall USD/CNH buyers targeting December top near 6.5855.

USD/CNH hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	6.4761
Today Daily Change	-0.0033
Today Daily Change %	-0.05%
Today daily open	6.4794

Trends
Daily SMA20	6.4861
Daily SMA50	6.5254
Daily SMA100	6.6335
Daily SMA200	6.8368

Levels
Previous Daily High	6.4984
Previous Daily Low	6.4738
Previous Weekly High	6.4904
Previous Weekly Low	6.44
Previous Monthly High	6.5854
Previous Monthly Low	6.4887
Daily Fibonacci 38.2%	6.4832
Daily Fibonacci 61.8%	6.4891
Daily Pivot Point S1	6.4694
Daily Pivot Point S2	6.4593
Daily Pivot Point S3	6.4448
Daily Pivot Point R1	6.494
Daily Pivot Point R2	6.5085
Daily Pivot Point R3	6.5186

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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