USD/CNY Price Analysis: Drops to one-week low, prints another lower high on the daily chart


  • USD/CNY looks south with lower highs on the daily chart. 
  • The 50-day SMA is the level to beat for the bulls.

USD/CNY fell to 6.4491 a few minutes before press time to hit the lowest level since Jan. 5, having faced rejection near 6.4920 on Monday. 

With the pullback, the pair has established yet another bearish lower high (shallow bounce) on the daily chart. Ever since it peaked above 7.00 in May last year, the pair has been printing lower highs and lower lows. 

The bias will remain bearish while the structure is held intact. If the immediate support at 6.4294 (Jan. 5 low) is breached, the focus would shift to 6.40, following which, the next major support is seen directly at 6.2419 (March 2018 low). 

A sustained move above the descending 50-day Simple Moving Average (SMA) is needed to confirm a bullish reversal. 

Daily chart

Trend: Bearish

Technical levels

USD/CNY

Overview
Today last price 6.4555
Today Daily Change -0.0085
Today Daily Change % -0.13
Today daily open 6.464
 
Trends
Daily SMA20 6.5122
Daily SMA50 6.5509
Daily SMA100 6.6629
Daily SMA200 6.8532
 
Levels
Previous Daily High 6.481
Previous Daily Low 6.4585
Previous Weekly High 6.533
Previous Weekly Low 6.4303
Previous Monthly High 6.5867
Previous Monthly Low 6.5156
Daily Fibonacci 38.2% 6.4671
Daily Fibonacci 61.8% 6.4724
Daily Pivot Point S1 6.4547
Daily Pivot Point S2 6.4453
Daily Pivot Point S3 6.4322
Daily Pivot Point R1 6.4772
Daily Pivot Point R2 6.4903
Daily Pivot Point R3 6.4997

 

 

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