USD/CNH Technical Analysis: triangle breakout likely
The USD/CNH pair (offshore yuan exchange rate) has created a narrowing price range or a contracting triangle on the hourly chart.
Hourly chart
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The 50-hour moving average (HMA) is holding above the 200-HMA and is trending north in favor of the bulls. The ascending triangle breakout on the 14-hour relative strength index (RSI) also indicates that the path of least resistance is on the higher side.
USD/CNH, therefore, is likely to confirm a bullish breakout with a convincing move above the upper edge of the triangle, currently at 6.8075. That would open up upside toward 6.8450 (Dec. 5 low).
Trend: bullish above 6.8075
USD/CNH
Overview:
Today Last Price: 6.8056
Today Daily change: 0.0046 pips
Today Daily change %: 0.07%
Today Daily Open: 6.801
Trends:
Daily SMA20: 6.8327
Daily SMA50: 6.8802
Daily SMA100: 6.8907
Daily SMA200: 6.7339
Levels:
Previous Daily High: 6.8088
Previous Daily Low: 6.7917
Previous Weekly High: 6.8098
Previous Weekly Low: 6.7396
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Daily Fibonacci 38.2%: 6.7982
Daily Fibonacci 61.8%: 6.8023
Daily Pivot Point S1: 6.7922
Daily Pivot Point S2: 6.7834
Daily Pivot Point S3: 6.7751
Daily Pivot Point R1: 6.8093
Daily Pivot Point R2: 6.8176
Daily Pivot Point R3: 6.8264