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

 

 

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