- USD/CNH has been trading below 21-day EMA for the last four days.
- 23.6% Fibonacci retracement offers immediate support ahead of 50-day EMA and five-month-old rising trend-line.
Despite successfully trading beyond 23.6% Fibonacci retracement of March-September upside, USD/CNH stays below the 21-day exponential moving average (EMA) as it makes the rounds to 7.0850 during early Wednesday.
The quote needs to provide a daily closing beyond 21-day EMA level of 7.0950 in order to aim for 7.1390/1400 horizontal area including multiple highs/lows marked during August.
Should prices successfully rise beyond 7.1400, monthly top close to 7.1970 and 7.2000 will be on the bulls’ radar.
Meanwhile, the pair’s break below 23.6% Fibonacci retracement level of 7.0725 can take rest on 50-day EMA, at 7.0457 now. However, 38.2% Fibonacci retracement level of 6.9957 and an upward sloping trend-line since April near 6.9644 could question sellers afterward.
USD/CNH daily chart
additional important levels
|Today last price||7.0834|
|Today Daily Change||-0.0026|
|Today Daily Change %||-0.04%|
|Today daily open||7.086|
|Previous Daily High||7.0969|
|Previous Daily Low||7.061|
|Previous Weekly High||7.1321|
|Previous Weekly Low||7.0311|
|Previous Monthly High||7.1838|
|Previous Monthly Low||6.894|
|Daily Fibonacci 38.2%||7.0832|
|Daily Fibonacci 61.8%||7.0747|
|Daily Pivot Point S1||7.0657|
|Daily Pivot Point S2||7.0454|
|Daily Pivot Point S3||7.0298|
|Daily Pivot Point R1||7.1016|
|Daily Pivot Point R2||7.1172|
|Daily Pivot Point R3||7.1375|
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