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.

Daily Chart

Trend: Bullish


    Last Price: 6.9465
    Daily change: 1.1e+2 pips
    Daily change: 0.151%
    Daily Open: 6.936
    Daily SMA20: 6.9356
    Daily SMA50: 6.8967
    Daily SMA100: 6.8318
    Daily SMA200: 6.5846
    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


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.