On Monday, the USDCNH pair slightly increases to 7.28879, moving closer to a resistance level that has been in place for several days.

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• USD/CNH edges higher on Monday and climbs closer to a multi-day-old trading range hurdle.

The pair currently trades last at 7.28879.

The previous day high was 7.2952 while the previous day low was 7.2596. The daily 38.2% Fib levels comes at 7.2732, expected to provide support. Similarly, the daily 61.8% fib level is at 7.2817, expected to provide support.

The USD/CNH pair builds on Friday’s modest rebound from the 7.2595 region, or a nearly two-week low and gains some positive traction during the Asian session on Monday. Spot prices currently trade around the 7.2905 area, up over 0.10% for the day, flirting with the top boundary of a three-day-old range.

Looking at the broader picture, the USD/CNH pair is holding comfortably above technically significant 50-day, 100-day and 200-day Simple Moving Averages (SMAs), which, in turn, favours bullish traders. That said, oscillators on the daily chart are yet to confirm a bullish bias and warrant some caution before positioning for any meaningful appreciating move. Hence, any subsequent strength is more likely to confront a stiff barrier near the 7.3040-7.3050 region.

This is closely followed by resistance near the 7.3105 area, which if cleared should lift the USD/CNH pair towards the next relevant hurdle near the 7.3360-7.3365 region en route to the 7.3495 zone. Some follow-through buying beyond the 7.3500 mark should allow spot prices to challenge a multi-year peak, around the 7.3680-7.3685 region touched on September 8, which if cleared decisively will be seen as a fresh trigger for bullish traders.

On the flip side, the 7.2700 level now seems to protect the immediate downside ahead of Friday’s low, around the 7.2595 zone and the 50-day SMA, currently pegged around the 7.2435 zone. A convincing break below the latter could prompt aggressive technical selling and drag the USD/CNH pair below the monthly low, around the 7.2390 region, towards testing the next relevant support near the 7.2135-7.2130 region.

Technical Levels: Supports and Resistances

USDCNH currently trading at 7.2884 at the time of writing. Pair opened at 7.28 and is trading with a change of 0.12 % .

The pair is trading below its 20 Daily moving average @ 7.2969, above its 50 Daily moving average @ 7.2449 , above its 100 Daily moving average @ 7.1734 and above its 200 Daily moving average @ 7.025

The previous day high was 7.2952 while the previous day low was 7.2596. The daily 38.2% Fib levels comes at 7.2732, expected to provide support. Similarly, the daily 61.8% fib level is at 7.2817, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 7.2614, 7.2427, 7.2258
• Pivot resistance is noted at 7.297, 7.3139, 7.3326

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