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.

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

 

 

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

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: At risk of extending its slide

The greenback closed the week appreciating against most major rivals, although EUR/USD settled in the 1.1780 price zone, holding on to modest weekly gains. EUR/USD decline corrective on the broader view but could extend its slump in the shorter-term.

EUR/USD News

GBP/USD: Limited bearish potential

The GBP/USD pair finished the week with modest losses at 1.3050, giving up to the dollar’s demand at the end of the week. The Cable is trading above the 1.3000 level, which limits the bearish potential.

GBP/USD News

Gold: Acceptance above $2050 critical to revive the uptrend

Gold’s record-breaking rally could resume on a sustained move above $2050. RSI on 4H chart stays in the bullish territory, pointing to the upside. XAU bulls to buy the dips around $2010 in the week ahead?

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures