USD/CNH Technical Analysis: nearing one-year high as Chinese Yuan continues to slide

The US Dollar-Chinese Yuan pairing is clipping back into one-year highs after the US State Department specifically avoided outright labeling China a currency manipulator in their latest currency manipulation report, backing down off the US administration's terse stance towards China and their activities in currency markets. The Yuan is celebrating by continuing to sag into extreme lows that were last set in January of 2017.
As the pair remains heavily exposed to rapid shifts in market sentiment, the chance for solid technical barriers remains thin, but the 50- and 200-hour moving averages are tending towards the bullish side.
Mid-August's peak of 6.9586 remains the target for CNH short-sellers, and a repeated turnaround from the 7.0000 handle could see the pair roll over into another bearish cycle.

Joshua Gibson FXStreet

USD/CNH Chart, 1-Hour

USD/CNH

Overview:
    Last Price: 6.9366
    Daily change: 62 pips
    Daily change: 0.0895%
    Daily Open: 6.9304
Trends:
    Daily SMA20: 6.892
    Daily SMA50: 6.8691
    Daily SMA100: 6.749
    Daily SMA200: 6.5425
Levels:
    Daily High: 6.9318
    Daily Low: 6.9068
    Weekly High: 6.9433
    Weekly Low: 6.8674
    Monthly High: 6.9433
    Monthly Low: 6.8246
    Daily Fibonacci 38.2%: 6.9222
    Daily Fibonacci 61.8%: 6.9164
    Daily Pivot Point S1: 6.9142
    Daily Pivot Point S2: 6.898
    Daily Pivot Point S3: 6.8892
    Daily Pivot Point R1: 6.9392
    Daily Pivot Point R2: 6.948
    Daily Pivot Point R3: 6.9642

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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