USD/CNH Technical Analysis: RSI divergence is hinting at a re-test of key trendline support
- The USD/CNH pair is currently trading at 6.91 - up 1.24 percent from the recent low of 6.8256.
- On the hourly chart, the relative strength index (RSI) has diverged in favor of the bears. As a result, the pair looks set to test the rising trendline support, currently at 6.8954 - a level where the 200-hour MA is located.
- A break below that trendline would signal an end of the corrective bounce from the recent low of 6.8256 and could yield a deeper drop to 6.8650.
- A solid bounce from the rising trendline would validate the bullish crossover between the 50-hour and 200-hour moving averages (MAs) and open up upside towards 6.95.
Trend: Intraday bearish
Today Last Price: 6.9092
Today Daily change: -47 pips
Today Daily change %: -0.0680%
Today Daily Open: 6.9139
Previous Daily SMA20: 6.9196
Previous Daily SMA50: 6.9244
Previous Daily SMA100: 6.8869
Previous Daily SMA200: 6.6512
Previous Daily High: 6.921
Previous Daily Low: 6.8865
Previous Weekly High: 6.9509
Previous Weekly Low: 6.826
Previous Monthly High: 6.9808
Previous Monthly Low: 6.8525
Previous Daily Fibonacci 38.2%: 6.9078
Previous Daily Fibonacci 61.8%: 6.8997
Previous Daily Pivot Point S1: 6.8933
Previous Daily Pivot Point S2: 6.8726
Previous Daily Pivot Point S3: 6.8588
Previous Daily Pivot Point R1: 6.9278
Previous Daily Pivot Point R2: 6.9416
Previous Daily Pivot Point R3: 6.9623