#USDCNH @ 7.21751 retreats from three-week-old resistance line, prints mild losses on a day., @nehcap view: Bullish (Pivot Orderbook analysis)
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- USD/CNH retreats from three-week-old resistance line, prints mild losses on a day.
- 21-EMA, weekly support line defends buyers amid firmer RSI.
- 50-EMA adds to the downside filters, bulls can aim for September’s high past 7.2300.
The pair currently trades last at 7.21751.
The previous day high was 7.2336 while the previous day low was 7.194. The daily 38.2% Fib levels comes at 7.2185, expected to provide resistance. Similarly, the daily 61.8% fib level is at 7.2092, expected to provide support.
USD/CNH pares recent gains around 7.2220 as it again steps back from the short-term descending resistance line during Wednesday’s Asian session. Even so, a convergence of the 21-EMA and a three-day-old support line, around 7.2000 restricts the immediate downside of the offshore Chinese yuan (CNH) pair.
In addition to the immediate support confluence, an upbeat RSI (14) also keeps the buyers hopeful.
That said, the 50-EMA and 23.6% Fibonacci retracement level of September 12-28 upside, near 7.1800, acts as an extra filter to the south, a break of which could direct USD/CNH bears towards the three-week-old horizontal support area around 7.1500-1470.
It should be noted that the USD/CNH weakness past 7.1470 won’t hesitate to renew the monthly low of 7.0126.
Alternatively, an upside break of the downward-slopping resistance line from September 28, close to 7.2300 at the latest, could quickly propel the USD/CNH prices towards the previous month’s peak and the all-time high of 7.2675.
During the quote’s run-up past 7.2675, the 7.3000 round figure may gain the market’s attention.
Overall, USD/CNH is likely to witness a short-term pullback but the overall bullish trend remains intact.
Trend: Bullish
Technical Levels: Supports and Resistances
USDCNH currently trading at 7.221 at the time of writing. Pair opened at 7.224 and is trading with a change of -0.04% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 7.221 |
| 1 | Today Daily Change | -0.0030 |
| 2 | Today Daily Change % | -0.04% |
| 3 | Today daily open | 7.224 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 7.1404, 50 SMA 6.9933, 100 SMA @ 6.8583 and 200 SMA @ 6.6557.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 7.1404 |
| 1 | Daily SMA50 | 6.9933 |
| 2 | Daily SMA100 | 6.8583 |
| 3 | Daily SMA200 | 6.6557 |
The previous day high was 7.2336 while the previous day low was 7.194. The daily 38.2% Fib levels comes at 7.2185, expected to provide resistance. Similarly, the daily 61.8% fib level is at 7.2092, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 7.2008, 7.1776, 7.1612
- Pivot resistance is noted at 7.2404, 7.2568, 7.28
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 7.2336 |
| Previous Daily Low | 7.1940 |
| Previous Weekly High | 7.2384 |
| Previous Weekly Low | 7.1142 |
| Previous Monthly High | 7.2674 |
| Previous Monthly Low | 6.8882 |
| Daily Fibonacci 38.2% | 7.2185 |
| Daily Fibonacci 61.8% | 7.2092 |
| Daily Pivot Point S1 | 7.2008 |
| Daily Pivot Point S2 | 7.1776 |
| Daily Pivot Point S3 | 7.1612 |
| Daily Pivot Point R1 | 7.2404 |
| Daily Pivot Point R2 | 7.2568 |
| Daily Pivot Point R3 | 7.2800 |
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