USD/CNH technical analysis: Buyers keep lurking around 23.6% Fibo, 21-day EMA

USD/CNH remains choppy in a range between key support confluence and 10-day EMA.
A downside break can drag the quote to 7.0770/65 while 7.1400/10 could challenge the advances beyond short-term EMA.

Anil Panchal FXStreet

Despite being above near-term key support-confluence, USD/CNH stays under 10-day exponential moving average (EMA) as it takes rounds to 7.1180 during early Wednesday.

While strong downside support and upbeat levels of 14-day relative strength index (RSI), the pair is more likely to rise past-immediate EMA level of 7.1275 and head towards the five-week-old horizontal area around 7.1400/10.

During the pair’s run-up above 7.1410, 7.1630 and recent high surrounding 7.1970 may entertain buyers ahead of highlighting 7.2000 mark.

On the downside, pair’s break beneath 7.1090/75, including 21-day EMA and 23.6% Fibonacci retracement of July-September upside, can revisit August 19/20 highs surrounding 7.0770/65 whereas 38.2% Fibonacci retracement close to 7.0520 will flash on sellers radar afterward.

USD/CNH daily chart

Trend: sideways

additional important levels

Overview
Today last price	7.1177
Today Daily Change	0.0082
Today Daily Change %	0.12%
Today daily open	7.1095

Trends
Daily SMA20	7.1191
Daily SMA50	7.0077
Daily SMA100	6.9413
Daily SMA200	6.8577

Levels
Previous Daily High	7.124
Previous Daily Low	7.0986
Previous Weekly High	7.1967
Previous Weekly Low	7.096
Previous Monthly High	7.1838
Previous Monthly Low	6.894
Daily Fibonacci 38.2%	7.1083
Daily Fibonacci 61.8%	7.1143
Daily Pivot Point S1	7.0974
Daily Pivot Point S2	7.0852
Daily Pivot Point S3	7.0719
Daily Pivot Point R1	7.1229
Daily Pivot Point R2	7.1362
Daily Pivot Point R3	7.1483

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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