USD/CNH Technical Analysis: pair hits fresh 5.5-month low, RSI oversold

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).

Omkar Godbole FXStreet Contributor

Daily chart

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

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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