OctaFX | OctaFX Forex Broker
Open trading account

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).

Daily chart

Trend: Bearish


    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


GBP/JPY reclaims 139.00 in Tuesday risk-on bid

GBP/JPY continues to tick higher, tapping the 139.00 minor handle in early Tuesday trading as broader risk appetite catches a bid on hopes that US-Chi
Read more Previous

UK's May spokesperson: No intention of extending Article 50

A spokesperson for UK Prime Minister Theresa May has delivered a statement on the heels of earlier reports that leaders in the UK are exploring the po
Read more Next
Start livechat