USD/CNH Price Analysis: Pierces weekly hurdle above $6.38 but bears stay hopeful

• USD/CNH picks up bids to refresh intraday high, snaps four-day downtrend.
• Trend line breakout can aim for last week’s peak but previous support, 200-SMA will question bulls.

USD/CNH justifies rebound from immediate support, up 0.07% intraday around $6.3820 during early Wednesday.

In doing so, the offshore Chinese currency pair (CNH) jumps past the weekly resistance line, suggesting further advances toward the October 21 high of $6.4000.

It should be noted that the sluggish Momentum line may challenge the quote’s upside past $6.4000. Also acting as the key hurdles to the north are the support-turned-resistance line near $6.4175 and the 200-SMA level of $6.4225.

Alternatively, a downside break of the stated nearby support line, at $6.3770 by the press time, will recall the USD/CNH bears targeting the monthly low of $6.3685, also the lowest since June.

Should the quote remain bearish past $6.3685, the yearly bottom of $6.3525 will be in focus.

USD/CNH: Four-hour chart

Trend: Bearish