USD/CNH Technical Analysis: Slips from 1-week-high amid bearish MACD

USD/CNH pulls back from 100-day EMA, monthly resistance line.
61.8% Fibonacci retracement, 200-day EMA limits near-term declines.

Anil Panchal FXStreet

USD/CNH fails to hold on to recovery gains as 100-day EMA and one-month-old falling trend line restrict the pair’s near-term upside. The quote currently takes the rounds to 7.0200 by the press time of the pre-European session on Wednesday.

Considering bearish conditions of 12-bar Moving Average Convergence and Divergence (MACD) indicator, prices are expected to stretch the latest pullback towards 50% Fibonacci retracement level of July-September upside, at 7.0070, whereas August 18 low near 6.9889 could please sellers afterward.

Even so, pair’s further declines will find it hard to prevail unless breaking 61.8% Fibonacci retracement level of 6.9620 and 200-day EMA level of 6.9576 on the daily closing basis.

Meanwhile, the pair’s sustained rise beyond a 100-day EMA level of 7.0280 could trigger fresh rise to 38.2% Fibonacci retracement level of 7.0520. However, pair’s further advances will be guarded by the mid-October top near 7.1130.

USD/CNH daily chart

Trend: Bearish

additional important levels

Overview
Today last price	7.0204
Today Daily Change	0.0020
Today Daily Change %	0.03%
Today daily open	7.0184

Trends
Daily SMA20	7.044
Daily SMA50	7.0848
Daily SMA100	7.0338
Daily SMA200	6.9131

Levels
Previous Daily High	7.0198
Previous Daily Low	6.9922
Previous Weekly High	7.0485
Previous Weekly Low	6.9524
Previous Monthly High	7.1705
Previous Monthly Low	7.0295
Daily Fibonacci 38.2%	7.0093
Daily Fibonacci 61.8%	7.0028
Daily Pivot Point S1	7.0005
Daily Pivot Point S2	6.9826
Daily Pivot Point S3	6.9729
Daily Pivot Point R1	7.028
Daily Pivot Point R2	7.0377
Daily Pivot Point R3	7.0556

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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