USD/CNH technical analysis: 21-day EMA holds the key to 7.1390/1400 horizontal resistance

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.

Anil Panchal FXStreet

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

Trend: bullish

additional important levels

Overview
Today last price	7.0834
Today Daily Change	-0.0026
Today Daily Change %	-0.04%
Today daily open	7.086

Trends
Daily SMA20	7.123
Daily SMA50	7.0263
Daily SMA100	6.958
Daily SMA200	6.8623

Levels
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

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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