USD/CNH technical analysis: Hits 2.5-month low, slow descent continues


  • 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. 

Daily chart

Trend: Bearish

Technical levels

USD/CNH

Overview
Today last price 7.031
Today Daily Change -0.0112
Today Daily Change % -0.16
Today daily open 7.0422
 
Trends
Daily SMA20 7.0816
Daily SMA50 7.1078
Daily SMA100 7.0256
Daily SMA200 6.9041
 
Levels
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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