- 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.
|Today last price||6.4555|
|Today Daily Change||-0.0085|
|Today Daily Change %||-0.13|
|Today daily open||6.464|
|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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