- 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
|Today last price||6.4629|
|Today Daily Change||0.0059|
|Today Daily Change %||0.09%|
|Today daily open||6.457|
|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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