USD/CNH Technical Analysis: looks north after falling channel breakout and weak China data

The USD/CNH pair is currently trading at 6.8911 - up 0.19 percent on the day - having witnessed a falling channel breakout on the hourly chart yesterday.
Notably, the already bullish technical setup on the hourly chart has been bolstered further by the dismal China data - November industrial production came in at 5.4 percent year-on-year, missing the estimated print of 5.9 percent by a big margin. On similar lines, retail sales also missed estimates by printing at 8.1 percent.
The big miss on retail sales, in particular, is a cause for concern as it indicates that domestic demand isn't strong enough to compensate for the slowdown in exports (due to trade war).
The USD/CNH pair, therefore, could continue to gain altitude.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish

USD/CNH

Overview:
    Today Last Price: 6.8914
    Today Daily change: 1.3e+2 pips
    Today Daily change %: 0.189%
    Today Daily Open: 6.8784
Trends:
    Previous Daily SMA20: 6.9111
    Previous Daily SMA50: 6.924
    Previous Daily SMA100: 6.8895
    Previous Daily SMA200: 6.6596
Levels:
    Previous Daily High: 6.8888
    Previous Daily Low: 6.8566
    Previous Weekly High: 6.9509
    Previous Weekly Low: 6.826
    Previous Monthly High: 6.9808
    Previous Monthly Low: 6.8525
    Previous Daily Fibonacci 38.2%: 6.8765
    Previous Daily Fibonacci 61.8%: 6.869
    Previous Daily Pivot Point S1: 6.8604
    Previous Daily Pivot Point S2: 6.8424
    Previous Daily Pivot Point S3: 6.8282
    Previous Daily Pivot Point R1: 6.8926
    Previous Daily Pivot Point R2: 6.9068
    Previous Daily Pivot Point R3: 6.9248

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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