USD/CNH Technical Analysis: Pierces weekly resistance trendline after China data

USD/CNH rises after China’s downbeat Caixin Services PMI.
A sustained break will escalate recovery to 200-HMA.
Lows marked on Thursday/Friday seem to limit immediate declines.

Anil Panchal FXStreet

USD/CNH breaks the immediate falling trend line while taking the bids to 6.9720 during early Monday.

The pair recently got a boost after China’s December month Caixin Services PMI slipped below 53.5 prior reading to 52.5.

With this, prices are now heading towards the 200-Hour Simple Moving Average (HMA) level of 6.9810. However, 6.9900/05 area comprising multiple lows marked around Christmas 2019 could challenge buyers afterward.

If at all the Bulls dominate past-6.9905, 7.000 mark will become their favorite.

On the contrary, 6.9565/6 horizontal region can restrict immediate declines ahead of the monthly low surrounding 6.9425.

USD/CNH hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	6.9711
Today Daily Change	0.0059
Today Daily Change %	0.08%
Today daily open	6.9652

Trends
Daily SMA20	6.9928
Daily SMA50	7.0146
Daily SMA100	7.0629
Daily SMA200	6.9666

Levels
Previous Daily High	6.9746
Previous Daily Low	6.9567
Previous Weekly High	6.9942
Previous Weekly Low	6.9424
Previous Monthly High	7.0879
Previous Monthly Low	6.9048
Daily Fibonacci 38.2%	6.9678
Daily Fibonacci 61.8%	6.9635
Daily Pivot Point S1	6.9564
Daily Pivot Point S2	6.9476
Daily Pivot Point S3	6.9385
Daily Pivot Point R1	6.9743
Daily Pivot Point R2	6.9834
Daily Pivot Point R3	6.9922

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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