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USD/CNH Technical Analysis: Eyes recent lows after bearish Marubozu

  • The USD/CNH pair created a bearish "Marubozu" candle yesterday, confirming a bearish reversal - the corrective bounce from the Dec. 4 low of 6.8255 has ended at 6.9219 and the bears have likely regained control.
  • Further, the USD/CNH pair closed well below the 100-day moving average (MA) support yesterday.
  • As a result, USD/CNH risks revisiting the recent low of 6.8255 in the next few days. A break below that level would establish a bearish lower-low and would expose 6.80 (23.6% Fib R of March low/November high),
  • The bearish outlook would be invalidated if the spot violates the lower-high with a move above 6.9219 (Dec. 11 high).

Daily chart

Trend: Bearish

USD/CNH

Overview:
    Today Last Price: 6.8692
    Today Daily change: -5.0 pips
    Today Daily change %: -0.00728%
    Today Daily Open: 6.8697
Trends:
    Previous Daily SMA20: 6.9136
    Previous Daily SMA50: 6.9243
    Previous Daily SMA100: 6.8889
    Previous Daily SMA200: 6.6568
Levels:
    Previous Daily High: 6.9082
    Previous Daily Low: 6.8678
    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%: 6.8832
    Previous Daily Fibonacci 61.8%: 6.8927
    Previous Daily Pivot Point S1: 6.8556
    Previous Daily Pivot Point S2: 6.8414
    Previous Daily Pivot Point S3: 6.8151
    Previous Daily Pivot Point R1: 6.896
    Previous Daily Pivot Point R2: 6.9223
    Previous Daily Pivot Point R3: 6.9365

 

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