USD/CNH Technical Analysis: bulls need to beat this falling trendline hurdle

The USD/CNH mildly bid at 6.9322 at press time, having clocked a low of 6.9197 earlier today.
The hourly chart is showing a bullish divergence of the relative strength index (RSI). As a result, the spot looks set to test the resistance of the trendline, currently at 6.9346.
A break above that trendline hurdle would imply an end of the pullback from the Nov. 13 high of 6.9694. A resumption of the rally from the Nov. 2 low of 6.8521, however, would be confirmed above 6.9694.
The bullish RSI divergence would be negated below 6.9148.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: neutral-to-bullish

USD/CNH

Overview:
    Last Price: 6.9318
    Daily change: 37 pips
    Daily change: 0.0534%
    Daily Open: 6.9281
Trends:
    Daily SMA20: 6.9409
    Daily SMA50: 6.907
    Daily SMA100: 6.8502
    Daily SMA200: 6.6009
Levels:
    Daily High: 6.9461
    Daily Low: 6.9152
    Weekly High: 6.9538
    Weekly Low: 6.8895
    Monthly High: 6.9798
    Monthly Low: 6.8674
    Daily Fibonacci 38.2%: 6.927
    Daily Fibonacci 61.8%: 6.9343
    Daily Pivot Point S1: 6.9135
    Daily Pivot Point S2: 6.8989
    Daily Pivot Point S3: 6.8826
    Daily Pivot Point R1: 6.9444
    Daily Pivot Point R2: 6.9607
    Daily Pivot Point R3: 6.9753

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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