#USDCNH @ 6.93282 prints the first daily loss in four as it eases from the highest levels in six weeks., @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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- USD/CNH prints the first daily loss in four as it eases from the highest levels in six weeks.
- Key DMA, nearly overbought RSI (14) challenges further upside of the offshore Chinese Yuan (CNH) pair.
- Four-month-old symmetrical triangle restricts short-term moves, ascending trend line from early February adds to downside filters.
The pair currently trades last at 6.93282.
The previous day high was 6.9508 while the previous day low was 6.8948. The daily 38.2% Fib levels comes at 6.9295, expected to provide support. Similarly, the daily 61.8% fib level is at 6.9162, expected to provide support.
USD/CNH drops towards 6.9300 while defying the three-day winning streak ahead of Wednesday’s European session, down 0.16% intraday to 6.9320 at the latest. In doing so, the offshore Chinese Yuan (CNH) pair reverses from its highest levels in 1.5 months.
That said, a failure to cross the 200-DMA triggered the USD/CNH pair’s pullback move. Adding strength to the retreat is the nearly overbought RSI (14) conditions.
As a result, the quote’s further declines towards an upward-sloping support line from February 02, close to 6.8820 at the latest, can’t be ruled out.
However, the bottom line of the four-month-old symmetrical triangle, between 6.9840 and 6.8465, appears strong hurdles for the USD/CNH pair traders to tackle before suggesting clear moves.
On the flip side, a daily closing beyond the 200-DMA level of 6.9520 could direct the USD/CNH bulls toward the stated triangle’s top line surrounding 6.9840.
It’s worth noting that the USD/CNH bulls need validation from the November 2022 bottom surrounding 7.0200 to retake control whereas multiple levels around the 6.8000 round figure can check the pair sellers past 6.8465.
Overall, USD/CNH is likely to remain within the multi-day-old symmetrical triangle.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDCNH currently trading at 6.9338 at the time of writing. Pair opened at 6.943 and is trading with a change of -0.13% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 6.9338 |
| 1 | Today Daily Change | -0.0092 |
| 2 | Today Daily Change % | -0.13% |
| 3 | Today daily open | 6.943 |
The pair is trading above its 20 Daily moving average @ 6.887, above its 50 Daily moving average @ 6.8963 , above its 100 Daily moving average @ 6.8777 and below its 200 Daily moving average @ 6.951
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 6.8870 |
| 1 | Daily SMA50 | 6.8963 |
| 2 | Daily SMA100 | 6.8777 |
| 3 | Daily SMA200 | 6.9510 |
The previous day high was 6.9508 while the previous day low was 6.8948. The daily 38.2% Fib levels comes at 6.9295, expected to provide support. Similarly, the daily 61.8% fib level is at 6.9162, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 6.9082, 6.8736, 6.8522
- Pivot resistance is noted at 6.9642, 6.9856, 7.0202
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 6.9508 |
| Previous Daily Low | 6.8948 |
| Previous Weekly High | 6.9104 |
| Previous Weekly Low | 6.8646 |
| Previous Monthly High | 6.9970 |
| Previous Monthly Low | 6.8104 |
| Daily Fibonacci 38.2% | 6.9295 |
| Daily Fibonacci 61.8% | 6.9162 |
| Daily Pivot Point S1 | 6.9082 |
| Daily Pivot Point S2 | 6.8736 |
| Daily Pivot Point S3 | 6.8522 |
| Daily Pivot Point R1 | 6.9642 |
| Daily Pivot Point R2 | 6.9856 |
| Daily Pivot Point R3 | 7.0202 |
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