USD/CNH Technical Analysis: Bullish case strengthens on falling wedge breakout

The falling wedge breakout seen in the USD/CNH hourly chart indicates the pullback from Friday's high of 6.9761 has likely ended at 6.9471 and the bulls have regained control.
The bullish breakout on the hourly chart also validates the ascending (bullish) 5-day and 10-day exponential moving averages (EMAs).
The pair could soon re-test Friday's high of 6.9761 and may rose even further toward 7.00 in the next few days.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 6.9624

Daily High: 6.9630

Daily Low: 6.9495

Trend: Bullish

Resistance

R1: 6.9761

R2: 6.9861 (December high)

R3: 7.00 (psychological hurdle)

Support

S1: 6.9556 (50-hour EMA)

S2: 6.9471 (Friday's low)

S3: 6.9430 (200-hour EMA)

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.