USD/CNH Technical Analysis: 100-day MA breached as expected, further losses likely
- The USD/CNH pair has found acceptance below the 100-day moving average (MA) of 6.88 as expected.
- The break below the key average support bolsters the already bearish setup, as represented by the symmetrical triangle breakdown on the daily chart, downward sloping 5- and 10-day SMAs and the bearish divergence of the 14-week relative strength index.
- As a result, USD/CNH risks falling to 6.80 – 23.6 percent Fibonacci retracement of March low/November high.
- The bearish view would be invalidated if the pair closes above the 10-day SMA, currently at 6.9226.
Daily Chart
Trend: Bearish
USD/CNH
Overview:
Today Last Price: 6.853
Today Daily change: -2.5e+2 pips
Today Daily change %: -0.358%
Today Daily Open: 6.8776
Trends:
Previous Daily SMA20: 6.9343
Previous Daily SMA50: 6.9246
Previous Daily SMA100: 6.8815
Previous Daily SMA200: 6.6374
Levels:
Previous Daily High: 6.9509
Previous Daily Low: 6.873
Previous Weekly High: 6.9587
Previous Weekly Low: 6.9306
Previous Monthly High: 6.9808
Previous Monthly Low: 6.8525
Previous Daily Fibonacci 38.2%: 6.9028
Previous Daily Fibonacci 61.8%: 6.9211
Previous Daily Pivot Point S1: 6.8501
Previous Daily Pivot Point S2: 6.8226
Previous Daily Pivot Point S3: 6.7722
Previous Daily Pivot Point R1: 6.928
Previous Daily Pivot Point R2: 6.9784
Previous Daily Pivot Point R3: 7.0059