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

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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