USD/CNH Technical Analysis: bounce likely as RSI drops below 30 on key timeframes

Omkar Godbole FXStreet Contributor

The USD/CNH pair looks overdue for a corrective bounce, as the relative strength indices (RSIs) on the hourly, 4-hour and daily chart are reporting oversold conditions.

Hourly chart

The above chart is showing a bullish divergence of the RSI. The pair, therefore, could soon test the downward sloping 50-hour MA of 6.7382.

Trend: oversold bounce likely

USD/CNH

Overview:
    Today Last Price: 6.7078
    Today Daily change: -56 pips
    Today Daily change %: -0.08%
    Today Daily Open: 6.7134
Trends:
    Daily SMA20: 6.7928
    Daily SMA50: 6.8568
    Daily SMA100: 6.8846
    Daily SMA200: 6.7508
Levels:
    Previous Daily High: 6.7526
    Previous Daily Low: 6.702
    Previous Weekly High: 6.8189
    Previous Weekly Low: 6.7525
    Previous Monthly High: 6.9509
    Previous Monthly Low: 6.826
    Daily Fibonacci 38.2%: 6.7214
    Daily Fibonacci 61.8%: 6.7333
    Daily Pivot Point S1: 6.6928
    Daily Pivot Point S2: 6.6721
    Daily Pivot Point S3: 6.6422
    Daily Pivot Point R1: 6.7433
    Daily Pivot Point R2: 6.7732
    Daily Pivot Point R3: 6.7939

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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