#USDCNH @ 7.16545 extends the rebound from resistance-turned-support line towards 100-SMA., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- USD/CNH extends the rebound from resistance-turned-support line towards 100-SMA.
- RSI suggests further grinding below the key Simple Moving Averages (SMAs).
- 200-SMA adds to the upside filters, sellers need validation from 7.1180-60 support confluence.
The pair currently trades last at 7.16545.
The previous day high was 7.181 while the previous day low was 7.1316. The daily 38.2% Fib levels comes at 7.1505, expected to provide support. Similarly, the daily 61.8% fib level is at 7.1622, expected to provide support.
USD/CNH buyers keep the reins around 7.1630 during early Wednesday morning in Europe, defending Tuesday’s U-turn from the previous resistance line.
In doing so, the offshore Chinese Yuan (CNH) reverses the previous day’s losses while bracing for the 100-SMA hurdle surrounding 7.1850.
Given the steady prints of the Relative Strength Index (RSI), placed at 14, the latest recovery is likely to prevail.
Also favoring the USD/CNH bulls is the pair’s sustained trading beyond the convergence of the ascending trend line from November 13 and the aforementioned resistance-turned-support, around 7.1180-60.
If the quote drops below 7.1160, the odds of witnessing a slump toward the monthly low of 7.0195 can’t be ruled out. However, October’s low of 7.0126 could challenge the USD/CNH pair’s further declines.
Alternatively, the 200-SMA level of 7.2105 acts as an extra filter towards the north, in addition to the 100-SMA hurdle near 7.1850.
Should the USD/CNH bulls keep the reins past 7.2105, the 61.8% Fibonacci retracement of the pair’s downturn between October 25 to November 15, around 7.2400, will precede the November 09 swing high of 7.2800 to please the buyers.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDCNH currently trading at 7.1642 at the time of writing. Pair opened at 7.141 and is trading with a change of 0.32% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 7.1642 |
| 1 | Today Daily Change | 0.0232 |
| 2 | Today Daily Change % | 0.32% |
| 3 | Today daily open | 7.141 |
The pair is trading below its 20 Daily moving average @ 7.1991, above its 50 Daily moving average @ 7.1641 , above its 100 Daily moving average @ 6.9876 and above its 200 Daily moving average @ 6.763
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 7.1991 |
| 1 | Daily SMA50 | 7.1641 |
| 2 | Daily SMA100 | 6.9876 |
| 3 | Daily SMA200 | 6.7630 |
The previous day high was 7.181 while the previous day low was 7.1316. The daily 38.2% Fib levels comes at 7.1505, expected to provide support. Similarly, the daily 61.8% fib level is at 7.1622, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 7.1214, 7.1018, 7.072
- Pivot resistance is noted at 7.1708, 7.2006, 7.2203
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 7.1810 |
| Previous Daily Low | 7.1316 |
| Previous Weekly High | 7.1788 |
| Previous Weekly Low | 7.0194 |
| Previous Monthly High | 7.3748 |
| Previous Monthly Low | 7.0126 |
| Daily Fibonacci 38.2% | 7.1505 |
| Daily Fibonacci 61.8% | 7.1622 |
| Daily Pivot Point S1 | 7.1214 |
| Daily Pivot Point S2 | 7.1018 |
| Daily Pivot Point S3 | 7.0720 |
| Daily Pivot Point R1 | 7.1708 |
| Daily Pivot Point R2 | 7.2006 |
| Daily Pivot Point R3 | 7.2203 |
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