USD/CNH Price Analysis: Thursday’s Doji keeps sellers hopeful

USD/CNH reverses early Asian losses following a bearish candlestick formation.
MACD conditions, short-term falling trend line also favor sellers.
Bulls need validation from 61.8% Fibonacci retracement, September’s low.

Anil Panchal FXStreet

USD/CNH picks up bids to $6.3955, recovering early-day losses ahead of the European session on Friday.

The offshore Chinese currency (CNH) pair printed a bearish Doji candlestick the previous day, challenging a continuation of the rebound from a four-month low flashed earlier in the week.

Also favoring the sellers is the quote’s sustained trading below a downward sloping trend line from October 12 and 61.8% Fibonacci retracement (Fibo.) level of May-July upside amid bearish MACD signals.

That being said, the USD/CNH prices may initially test the $6.3800 area during fresh downside ahead of challenging the monthly low of $6.3685.

Following that, the yearly low marked in May, around $6.3525, will be in focus.

Alternatively, the stated resistance line and the key Fibo. level, respectively near $6.4135 and $6.4200, will challenge the quote’s recovery moves.

It should be noted, however, that the USD/CNH bulls should remain cautious until the quote stays below September’s low of $6.4245.

USD/CNH: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	6.3944
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	6.3944

Trends
Daily SMA20	6.4404
Daily SMA50	6.4551
Daily SMA100	6.4579
Daily SMA200	6.4674

Levels
Previous Daily High	6.4
Previous Daily Low	6.3832
Previous Weekly High	6.4644
Previous Weekly Low	6.4222
Previous Monthly High	6.488
Previous Monthly Low	6.4244
Daily Fibonacci 38.2%	6.3896
Daily Fibonacci 61.8%	6.3936
Daily Pivot Point S1	6.385
Daily Pivot Point S2	6.3756
Daily Pivot Point S3	6.3681
Daily Pivot Point R1	6.402
Daily Pivot Point R2	6.4095
Daily Pivot Point R3	6.4189

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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