USD/CNH Technical Analysis: This level could yield corrective bounce
- The USD/CNH pair (offshore yuan exchange rate) has faded the drop to near Friday's low of 6.73728 and is now reporting moderate gains at 6.7615.
- Notably, it has created a double top bullish reversal pattern on the hourly chart with the neckline resistance at 6.7744.
- A break above 6.7744 would confirm the breakout and open the doors to 6.8115.
- Put simply, a move above 6.7744 would validate the oversold conditions reported by the 14-day relative strength index (RSI) and allow a corrective bounce.
Hourly chart
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Trend: corrective bounce likely
USD/CNH
Overview:
Today Last Price: 6.7592
Today Daily change: -20 pips
Today Daily change %: -0.0296%
Today Daily Open: 6.7612
Trends:
Previous Daily SMA20: 6.869
Previous Daily SMA50: 6.8984
Previous Daily SMA100: 6.8936
Previous Daily SMA200: 6.719
Levels:
Previous Daily High: 6.7956
Previous Daily Low: 6.7376
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%: 6.7598
Previous Daily Fibonacci 61.8%: 6.7734
Previous Daily Pivot Point S1: 6.734
Previous Daily Pivot Point S2: 6.7069
Previous Daily Pivot Point S3: 6.6762
Previous Daily Pivot Point R1: 6.792
Previous Daily Pivot Point R2: 6.8227
Previous Daily Pivot Point R3: 6.8498