The USD/CNH is currently trading at 6.8690 - up 0.27 percent on the day - confirming an upside break of the falling trendline on the hourly chart. The bounce, however, could be short-lived, as the daily chart continues to call a move lower to 6.80.
- As seen above, the falling trendline has been scaled, validating the bullish divergence of the relative strength index (RSI). The key MAs (50, 100 and 200), however, continue to trend lower in favor of the bears. As a result, the path of least resistance remains to the downside.
- The symmetrical triangle breakdown confirmed on Monday validated the bearish divergence of the 14-week RSI and opened the doors for 6.80 (23.6% Fib R of March low/November high).
- More importantly, the outlook as per the daily chart will remain bearish as long as the pair is trading below the descending 9bearish) 10-day MA, currently at
Today Last Price: 6.8695
Today Daily change: 1.9e+2 pips
Today Daily change %: 0.273%
Today Daily Open: 6.8508
Previous Daily SMA20: 6.9307
Previous Daily SMA50: 6.9242
Previous Daily SMA100: 6.8828
Previous Daily SMA200: 6.64
Previous Daily High: 6.8828
Previous Daily Low: 6.826
Previous Weekly High: 6.9587
Previous Weekly Low: 6.9306
Previous Monthly High: 6.9808
Previous Monthly Low: 6.8525
Previous Daily Fibonacci 38.2%: 6.8477
Previous Daily Fibonacci 61.8%: 6.8611
Previous Daily Pivot Point S1: 6.8236
Previous Daily Pivot Point S2: 6.7963
Previous Daily Pivot Point S3: 6.7667
Previous Daily Pivot Point R1: 6.8804
Previous Daily Pivot Point R2: 6.91
Previous Daily Pivot Point R3: 6.9373
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