USD/CNH Technical Analysis: Below 7.00 for first since Aug. 5


USD/CNH is trading below 7 for the first time since Aug. 5.

The offshore Yuan (CNH) is being quoted less than 7 per US dollar for the first time since Aug. 5 and there is scope for further appreciation, as per the USD/CNH technical chart.

The pair closed below the 100-day moving average (MA) on Tuesday, bolstering the already bearish setup, as represented by the head-and-shoulders breakdown, descending 5- and 10-day MAs, and a below-50 reading on the relative strength index.

Note that the pair has found acceptance below the 100-day MA for the first time since early May and now looks set to test support at 6.9617 (July 6 high).

As of writing, the USD/CNH pair is trading at 6.9985.

Daily chart

Trend: Bearish

Technical levels

USD/CNH

Overview
Today last price 6.9958
Today Daily Change -0.0046
Today Daily Change % -0.07
Today daily open 7.0004
 
Trends
Daily SMA20 7.0684
Daily SMA50 7.1018
Daily SMA100 7.0276
Daily SMA200 6.9068
 
Levels
Previous Daily High 7.0364
Previous Daily Low 6.986
Previous Weekly High 7.0694
Previous Weekly Low 7.0295
Previous Monthly High 7.1705
Previous Monthly Low 7.0295
Daily Fibonacci 38.2% 7.0053
Daily Fibonacci 61.8% 7.0171
Daily Pivot Point S1 6.9788
Daily Pivot Point S2 6.9572
Daily Pivot Point S3 6.9284
Daily Pivot Point R1 7.0292
Daily Pivot Point R2 7.058
Daily Pivot Point R3 7.0796

 

                                                                                                                                            

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 bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures