- USD/CNH has hit the lowest level since mid-August.
- The daily chart shows a head-and-shoulders breakdown.
- The pair looks set to test the 100-day average for first since early May.
USD/CNH pair fell to 7.02582 a few minutes ago. That was the lowest level since Aug. 14.
The offshore Yuan (CNH) has gained ground in a slow and steady manner over the last two weeks, as suggested by the head-and-shoulders breakdown witnessed on Oct. 18.
The 5- and 10-day moving averages (MAs) are trending south, indicating a bearish setup and the 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print.
The USD/CNH pair looks set to test the 100-day average at 7.0251. That would be the first test of the long-term average since May 3. The bearish view would be invalidated above the 10-day MA at 7.0579.
|Today last price||7.031|
|Today Daily Change||-0.0112|
|Today Daily Change %||-0.16|
|Today daily open||7.0422|
|Previous Daily High||7.0519|
|Previous Daily Low||7.0364|
|Previous Weekly High||7.0694|
|Previous Weekly Low||7.0295|
|Previous Monthly High||7.1705|
|Previous Monthly Low||7.0295|
|Daily Fibonacci 38.2%||7.0423|
|Daily Fibonacci 61.8%||7.046|
|Daily Pivot Point S1||7.0351|
|Daily Pivot Point S2||7.028|
|Daily Pivot Point S3||7.0195|
|Daily Pivot Point R1||7.0506|
|Daily Pivot Point R2||7.059|
|Daily Pivot Point R3||7.0662|
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