USD/CNH Technical Analysis: Bullish divergence of RSI seen on 1H chart, corrective bounce ahead

Omkar Godbole FXStreet Contributor

USD/CNH's previous hourly candle closed on a positive note, confirming a higher low or a bullish divergence of the relative strength index (RSI) on the hourly chart.

The RSI on the 4-hour chart is also reporting oversold conditions, while the long-tail attached to the current 4-hour candle is signaling bearish exhaustion.

The pair, therefore, could rise above 6.70. The bullish case would weaken if the spot finds acceptance below 6.6748 (Feb. 27 low).

Daily chart

Trend: Bounce likely

USD/CNH

Overview
Today last price	6.6834
Today Daily Change	-0.0044
Today Daily Change %	-0.07
Today daily open	6.6878

Trends
Daily SMA20	6.7098
Daily SMA50	6.7458
Daily SMA100	6.8247
Daily SMA200	6.8146

Levels
Previous Daily High	6.7224
Previous Daily Low	6.6774
Previous Weekly High	6.7354
Previous Weekly Low	6.7005
Previous Monthly High	6.8092
Previous Monthly Low	6.6738
Daily Fibonacci 38.2%	6.6946
Daily Fibonacci 61.8%	6.7052
Daily Pivot Point S1	6.6694
Daily Pivot Point S2	6.6509
Daily Pivot Point S3	6.6244
Daily Pivot Point R1	6.7143
Daily Pivot Point R2	6.7408
Daily Pivot Point R3	6.7593

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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