USD/CNH Technical Analysis: Closing on 5-month falling trendline

USD/CNH's sideways action since Feb. 25 has brought the pair very close to the resistance of the trendline trending south from Nov. 30 and Dec.21 highs.
As of writing, that trendline resistance is located at 6.7183. Further, the 50-day moving average (MA), which has proved a tough nut to crack at least twice in the last four weeks, is also located at 6.7174.
A convincing break above the 6.7174-6.7183 resistance range would validate seller exhaustion signaled by the multiple long-tailed weekly candles and open the doors to 6.8085 (February high).
As of writing, the USD/CNH pair is trading at 6.7133 with the 14-day relative strength index (RSI) located at 50.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Bullish above key falling trendline

Pivot points

1. R3 6.7399
2. R2 6.7296
3. R1 6.7208
PP 6.7105
1. S1 6.7018
2. S2 6.6914
3. S3 6.6827

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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