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.
|Today last price||6.9958|
|Today Daily Change||-0.0046|
|Today Daily Change %||-0.07|
|Today daily open||7.0004|
|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|
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