USD/CNH Technical Analysis: higher lows favor break above 6.8
The USD/CNH pair could be in for a stronger oversold bounce above 6.80, the intraday technical charts indicate.
Hourly chart
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- The higher lows on the relative strength index (RSI) and price chart indicate that a temporary low is in place at 6.7429 and a recovery rally could be in the offing. Validating that argument is the band of Fibonacci EMAs, which is beginning to curl upwards.
4-hour chart
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- The RSI on the 4-hour chart has also produced higher lows, validating the oversold conditions reported by the 14-day RSI. Further, the currency pair has found acceptance above the upper edge of the sideways channel.
Trend: Bullish
USD/CNH
Overview:
Today Last Price: 6.784
Today Daily change: 1.0e+2 pips
Today Daily change %: 0.155%
Today Daily Open: 6.7735
Trends:
Previous Daily SMA20: 6.8565
Previous Daily SMA50: 6.8925
Previous Daily SMA100: 6.893
Previous Daily SMA200: 6.7236
Levels:
Previous Daily High: 6.7876
Previous Daily Low: 6.744
Previous Weekly High: 6.8687
Previous Weekly Low: 6.7376
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Previous Daily Fibonacci 38.2%: 6.7709
Previous Daily Fibonacci 61.8%: 6.7606
Previous Daily Pivot Point S1: 6.7492
Previous Daily Pivot Point S2: 6.7248
Previous Daily Pivot Point S3: 6.7056
Previous Daily Pivot Point R1: 6.7927
Previous Daily Pivot Point R2: 6.8119
Previous Daily Pivot Point R3: 6.8363