USD/CNH Technical Analysis: Hits 6.5-week low, minor bounce likely before further drop
- The USD/CNH pair is currently trading at 6.7290, having hit a low of 6.7272 soon before press time - a level last seen on July 18.
- The bear flag breakdown confirmed on Friday is indeed boding well for the Chinese currency. Further losses toward 6.6956 (38.2% Fib R of March low/Nov high), however, could be preceded by a minor bounce, as the RSI's on both the hourly and 4-hour charts are reporting oversold conditions.
- A short-term bull reversal would be confirmed if a potential corrective bounce ends up invalidating the bearish lower high of 6.8185.
Daily chart
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4-hour chart
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Trend: Bearish
USD/CNH
Overview:
Today Last Price: 6.7324
Today Daily change: -0.0154 pips
Today Daily change %: -0.23%
Today Daily Open: 6.7478
Trends:
Daily SMA20: 6.8009
Daily SMA50: 6.861
Daily SMA100: 6.8858
Daily SMA200: 6.7487
Levels:
Previous Daily High: 6.7658
Previous Daily Low: 6.7468
Previous Weekly High: 6.8189
Previous Weekly Low: 6.7525
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Daily Fibonacci 38.2%: 6.754
Daily Fibonacci 61.8%: 6.7585
Daily Pivot Point S1: 6.7411
Daily Pivot Point S2: 6.7344
Daily Pivot Point S3: 6.7221
Daily Pivot Point R1: 6.7601
Daily Pivot Point R2: 6.7724
Daily Pivot Point R3: 6.7791