30 Oct 2018
USD/CNH Technical Analysis: daily close above 6.9584 bolsters already bull setup
- The USD/CNH pair closed at 6.9745 yesterday (above the August high of 6.9584), bolstering the already bullish setup: the ascending 5-day and 10-day exponential moving averages (EMAs) are trending north. The RSI of 68 is biased toward the bulls and the MACD is signaling that bullish momentum is again gathering pace.
- Hence, the path of least resistance is on the higher side. The pair looks set to test the psychological hurdle of 7.00.
- The bullish outlook would be invalidated by a drop below the bullish 10-day EMA.
- A daily close below the trendline connecting the Aug. 27 low and Sept. 21 low would put the bears back into a commanding position.
Daily Chart
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Trend: Bullish
USD/CNH
Overview:
Last Price: 6.973
Daily change: -23 pips
Daily change: -0.0330%
Daily Open: 6.9753
Trends:
Daily SMA20: 6.9236
Daily SMA50: 6.881
Daily SMA100: 6.793
Daily SMA200: 6.5618
Levels:
Daily High: 6.976
Daily Low: 6.9514
Weekly High: 6.9772
Weekly Low: 6.9299
Monthly High: 6.8931
Monthly Low: 6.8218
Daily Fibonacci 38.2%: 6.9666
Daily Fibonacci 61.8%: 6.9608
Daily Pivot Point S1: 6.9591
Daily Pivot Point S2: 6.943
Daily Pivot Point S3: 6.9345
Daily Pivot Point R1: 6.9837
Daily Pivot Point R2: 6.9922
Daily Pivot Point R3: 7.0083