USD/CNH technical analysis: 2-week-old trend-line, 200-bar EMA question buyers


  • USD/CNH struggles to extend bounce off 50% Fibonacci retracement.
  • Successful upside beyond near-term key resistance-confluence can challenge 7.14 horizontal-line.

The USD/CNH pair’s U-turn from 50% Fibonacci retracement level struggles to clear near-term key resistance-confluence as it trades near 7.0740 during early Tuesday.

The quote needs a successful break above 7.0740/60 region comprising 200-bar exponential moving average (EMA) and a two-week-old falling trend-line in order to justify its recent recovery.

In doing so, buyers can target a horizontal-line surrounding 7.1400 that includes August-05 high and August 29/30 lows.

If at all bulls manage to dominate past-7.1400, monthly high surrounding 7.1970 and 7.2000 will be on their radar.

On the downside, pair’s declines below 50% Fibonacci retracement of July-September rise, at 7.0324, can recall sellers aiming for 7.000 round-figure.

Further, pair’s sustained south-run under 7.000 enables them to question August month low near 6.8940 ahead of revisiting late-July bottom close to 6.8680.

USD/CNH 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price 7.0729
Today Daily Change 0.0111
Today Daily Change % 0.16%
Today daily open 7.0618
 
Trends
Daily SMA20 7.1222
Daily SMA50 7.0225
Daily SMA100 6.9545
Daily SMA200 6.8614
Levels
Previous Daily High 7.0706
Previous Daily Low 7.046
Previous Weekly High 7.1321
Previous Weekly Low 7.0311
Previous Monthly High 7.1838
Previous Monthly Low 6.894
Daily Fibonacci 38.2% 7.0612
Daily Fibonacci 61.8% 7.0554
Daily Pivot Point S1 7.0483
Daily Pivot Point S2 7.0348
Daily Pivot Point S3 7.0237
Daily Pivot Point R1 7.073
Daily Pivot Point R2 7.0841
Daily Pivot Point R3 7.0976

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD struggling around 1.13 as stocks fall

EUR/USD is trading around 1.13, off the highs as concerns about coronavirus and the court decision to hand Trump's financial to a grand jury trigger political uncertainty. US jobless claims beat expectations.

EUR/USD News

GBP/USD pressured toward 1.26 as the market mood worsens

GBP/USD is trading around 1.26, off the highs. The risk-off mood has pushed the dollar higher and is weighing on GBP/USD. UK fiscal stimulus and Brexit are also in play.

GBP/USD News

Gold: $1800 is being used as the intraday support for XAU/USD

Gold has retraced on Thursday during the US session after the recent impressive rally. At the moment the market is grappling with the USD 1800 per troy ounce psychological level. 

Gold News

Altcoin season confirmed

Second-line Altcoins take turns offering explosive price hikes. Bitcoin is giving up ground in the struggle for dominance, but it is not Ethereum that collects the profits. Ripple manages to enter the safe zone and bets on the upward continuity.

Read more

WTI: Rounding bottom on hourly chart highlights $41.15

WTI stays mildly bid above $41.00 while remaining above 100-HMA. Multiple failures to cross $41.15 confront a bullish chart formation on a short timeframe. June month’s top, February low will be on the buyers’ radar after a successful break.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures