USD/CNH Price Analysis: Sellers attack six-week-old support around $6.46


  • USD/CNH fades bounce off short-term horizontal support, keeps 200-SMA breakdown.
  • Bearish MACD backs the sellers to aim for mid-June top.
  • Monthly resistance line adds to the upside filters.

USD/CNH flirts with $6.4600 while defending short-term support during early Friday.

Even so, the offshore Chinese Yuan (CNH) keeps the previous day’s downside break of 200-SMA amid bearish MACD.

Hence, USD/CNH bears remain hopeful to visit the mid-June tops surrounding $6.4200. However, a clear break of $6.4500 immediate support becomes necessary for that.

Should the pair sellers keep reins past $6.4200, the $6.4000 psychological magnet will be on their radars.

Meanwhile, 200-SMA near $6.4725 guards the quote’s corrective pullback, if any, a break of which could escalate the recovery moves to a three-week-old horizontal resistance near $6.5000.

It should be noted though that an ascending trend line from June 23 and the monthly high, respectively around $6.5100 and $6.5285, become additional challenges for the USD/CNH buyers if they chose to return.

Overall, USD/CNH remains pressured but sellers await a trigger.

USD/CNH: Four-hour chart

Trend: Further weakness expected

Additional important levels 

Overview
Today last price 6.4629
Today Daily Change 0.0059
Today Daily Change % 0.09%
Today daily open 6.457
 
Trends
Daily SMA20 6.478
Daily SMA50 6.4443
Daily SMA100 6.4727
Daily SMA200 6.4972
 
Levels
Previous Daily High 6.4936
Previous Daily Low 6.4563
Previous Weekly High 6.498
Previous Weekly Low 6.4612
Previous Monthly High 6.4948
Previous Monthly Low 6.3606
Daily Fibonacci 38.2% 6.4706
Daily Fibonacci 61.8% 6.4794
Daily Pivot Point S1 6.4444
Daily Pivot Point S2 6.4317
Daily Pivot Point S3 6.4071
Daily Pivot Point R1 6.4817
Daily Pivot Point R2 6.5063
Daily Pivot Point R3 6.519

 

 

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