USD/CNH Technical Analysis: pair has carved out head-and-shoulders pattern
- The USD/CNH pair (offshore yuan exchange rate) has carved out a head-and-shoulders bearish reversal pattern with the neckline support at 6.8370.
- A close below the neckline would imply a bull-to-bear trend change - the rally from the March 2018 low of 6.2353 has ended and the bears have regained control - and would open the doors to 6.6956 (38.2% Fib R of March low/November high).
- Both the 5- and 10-day moving averages (MAs) are trending south, indicating bearish setup. The neckline support, therefore, could soon come into play.
- The bearish pressures would weaken if the pair violates the bearish-lower high with a move above 6.9193 (Dec. 21 high).
Today Last Price: 6.8462
Today Daily change: 8.0 pips
Today Daily change %: 0.0117%
Today Daily Open: 6.8454
Previous Daily SMA20: 6.8859
Previous Daily SMA50: 6.9093
Previous Daily SMA100: 6.8952
Previous Daily SMA200: 6.7085
Previous Daily High: 6.8677
Previous Daily Low: 6.8449
Previous Weekly High: 6.8947
Previous Weekly Low: 6.8594
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Previous Daily Fibonacci 38.2%: 6.8536
Previous Daily Fibonacci 61.8%: 6.859
Previous Daily Pivot Point S1: 6.8376
Previous Daily Pivot Point S2: 6.8299
Previous Daily Pivot Point S3: 6.8148
Previous Daily Pivot Point R1: 6.8604
Previous Daily Pivot Point R2: 6.8755
Previous Daily Pivot Point R3: 6.8832