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16 Nov 2018
USD/CNH Technical Analysis: bulls need to beat this falling trendline hurdle
- The USD/CNH mildly bid at 6.9322 at press time, having clocked a low of 6.9197 earlier today.
- The hourly chart is showing a bullish divergence of the relative strength index (RSI). As a result, the spot looks set to test the resistance of the trendline, currently at 6.9346.
- A break above that trendline hurdle would imply an end of the pullback from the Nov. 13 high of 6.9694. A resumption of the rally from the Nov. 2 low of 6.8521, however, would be confirmed above 6.9694.
- The bullish RSI divergence would be negated below 6.9148.
Hourly Chart
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Trend: neutral-to-bullish
USD/CNH
Overview:
Last Price: 6.9318
Daily change: 37 pips
Daily change: 0.0534%
Daily Open: 6.9281
Trends:
Daily SMA20: 6.9409
Daily SMA50: 6.907
Daily SMA100: 6.8502
Daily SMA200: 6.6009
Levels:
Daily High: 6.9461
Daily Low: 6.9152
Weekly High: 6.9538
Weekly Low: 6.8895
Monthly High: 6.9798
Monthly Low: 6.8674
Daily Fibonacci 38.2%: 6.927
Daily Fibonacci 61.8%: 6.9343
Daily Pivot Point S1: 6.9135
Daily Pivot Point S2: 6.8989
Daily Pivot Point S3: 6.8826
Daily Pivot Point R1: 6.9444
Daily Pivot Point R2: 6.9607
Daily Pivot Point R3: 6.9753