USD/CNH technical analysis: Sellers keep lurking around 6.7480/85

Immediate horizontal resistance restricts the immediate upside.
A week-long ascending support-line is at play near 6.7370.

Anil Panchal FXStreet

Following its failure to cross a horizontal-line since April 25, USD/CNH is trading near 6.7430 ahead of the European open on Tuesday.

Even if the pair falls short of clearing 6.7480/85 resistance, a week-long ascending trend-line at 6.7370 restricts its immediate downside, a break of which highlights 50% Fibonacci retracement of its latest up-moves from April 22, at 6.7300.

Should there be increased selling pressure under 6.7300, 61.8% Fibonacci retracement near 6.7230 and 6.7200 may offer intermediate halts during the downside to 6.7160 and 6.7100 rest-points.

Meanwhile, an upside clearance of 6.7485 enables buyers to cross 6.7500 round-figure and aim for the latest high near 6.7600.

USD/CNH hourly chart

Trend: Pullback expected

1. R3 6.7571
2. R2 6.751
3. R1 6.7449
PP 6.7388
1. S1 6.7326
2. S2 6.7265
3. S3 6.7204

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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