- The USD/CNH pair fell to 6.7684 soon before press time - its lowest level since July 26 - having witnessed a head-and-shoulders breakdown on Wednesday.
- That bearish pattern has opened up downside towards 6.70-6.69 (target as per the measured move method).
- The pair, however, could be in for a minor bounce before falling to 6.70, as the 14-day relative strength index (RSI) of 29.43 is reporting oversold conditions for the first time since February 2018. The RSI on the 4-hour and the hourly chart is also hovering in oversold territory below 30.00.
- The bearish outlook would be invalidated if the corrective bounce if any, ends up clearing the head-and-shoulders neckline resistance (former support).
Daily chart
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Trend: bearish
USD/CNH
Overview:
Today Last Price: 6.7726
Today Daily change: -2.0e+2 pips
Today Daily change %: -0.290%
Today Daily Open: 6.7923
Trends:
Previous Daily SMA20: 6.8761
Previous Daily SMA50: 6.9012
Previous Daily SMA100: 6.894
Previous Daily SMA200: 6.7167
Levels:
Previous Daily High: 6.8247
Previous Daily Low: 6.7804
Previous Weekly High: 6.8947
Previous Weekly Low: 6.8594
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Previous Daily Fibonacci 38.2%: 6.7973
Previous Daily Fibonacci 61.8%: 6.8078
Previous Daily Pivot Point S1: 6.7736
Previous Daily Pivot Point S2: 6.7548
Previous Daily Pivot Point S3: 6.7292
Previous Daily Pivot Point R1: 6.8179
Previous Daily Pivot Point R2: 6.8434
Previous Daily Pivot Point R3: 6.8622
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