21 Nov 2018
USD/CNH Technical Analysis: channel breakout has neutralized immediate bearish outlook
- The USD/CNH is currently trading at 6.9428, having witnessed a falling channel breakout confirmed yesterday, as seen in the 4-hour chart.
- More importantly, the falling channel breakout has neutralized the bearish outlook put forward by the rising wedge breakdown witnessed on Nov. 12.
- The outlook would turn bullish if the pair rises above 6.9694 (Nov. 12 high).
- Notably, the falling channel breakout validates the pair's bounce from the rising trendline and indicates the scope for bullish revival above 6.9694.
4-hour chart
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Daily chart
-636783657451114686.png)
Trend: Neutral-to-bullish
USD/CNH
Overview:
Last Price: 6.9429
Daily change: 6.0 pips
Daily change: 0.00864%
Daily Open: 6.9423
Trends:
Daily SMA20: 6.9399
Daily SMA50: 6.9105
Daily SMA100: 6.8582
Daily SMA200: 6.6098
Levels:
Daily High: 6.9461
Daily Low: 6.931
Weekly High: 6.9701
Weekly Low: 6.9106
Monthly High: 6.9798
Monthly Low: 6.8674
Daily Fibonacci 38.2%: 6.9403
Daily Fibonacci 61.8%: 6.9368
Daily Pivot Point S1: 6.9335
Daily Pivot Point S2: 6.9247
Daily Pivot Point S3: 6.9184
Daily Pivot Point R1: 6.9486
Daily Pivot Point R2: 6.9549
Daily Pivot Point R3: 6.9637