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USD/CNH Technical Analysis: Eyes 7.00 after bullish reversal

Having defended the key rising trendline earlier this month, the USD/CNH pair closed yesterday above 6.9312 yesterday - the 61.8% Fib R of 6.98/6.8521 - confirming that the pullback has likely ended and the bulls have regained control.
The bullish close above the 61.8% Fib is also backed by the ascending 5-, 10-day exponential moving averages (EMAs).
As a result, the pair could take out the recent high of 6.98 and test the major psychological hurdle of 7.00 in the near-term.
A daily close below the 10-day EMA would weaken the bullish pressure.

Omkar Godbole FXStreet Contributor

Daily Chart

Trend: Bullish

USD/CNH

Overview:
    Last Price: 6.9465
    Daily change: 1.1e+2 pips
    Daily change: 0.151%
    Daily Open: 6.936
Trends:
    Daily SMA20: 6.9356
    Daily SMA50: 6.8967
    Daily SMA100: 6.8318
    Daily SMA200: 6.5846
Levels:
    Daily High: 6.9401
    Daily Low: 6.9125
    Weekly High: 6.9808
    Weekly Low: 6.8524
    Monthly High: 6.9798
    Monthly Low: 6.8674
    Daily Fibonacci 38.2%: 6.9296
    Daily Fibonacci 61.8%: 6.923
    Daily Pivot Point S1: 6.919
    Daily Pivot Point S2: 6.9019
    Daily Pivot Point S3: 6.8914
    Daily Pivot Point R1: 6.9466
    Daily Pivot Point R2: 6.9571
    Daily Pivot Point R3: 6.9742

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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