USD/CNH Price Analysis: Upside extension running out of steam

The upside is meeting a strong level of resistance and the focus is back on the downside.
USD/CNH bears are looking for a return to the mean of the daily bullish impulse.

Ross J Burland FXStreet

USD/CNH's momentum has slowed in the run to a resistance structure that was marked as old support across a daily time line.

The bears are looking for bearish conditions to be confirmed on the lower time frames in order to target the W-formation's neckline.

Daily chart

The price is tempting the bear's commitments at the juncture at a familiar area of support which would now be expected to act as resistance.

The W-formation's neckline has a confluence with the 50% mean reversion point as an attractive target area.

1-hour chart

From a 1-hour perspective, the price first needs to break support and the bullish 21-moving average, and in doing so, the path will be clear for a high probability trade day-trading set-up from a bearish structure and with a favourable risk-reward ratio.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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