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USD/CNH Technical Analysis: higher lows favor break above 6.8

The USD/CNH pair could be in for a stronger oversold bounce above 6.80, the intraday technical charts indicate.

Hourly chart

  • The higher lows on the relative strength index (RSI) and price chart indicate that a temporary low is in place at 6.7429 and a recovery rally could be in the offing. Validating that argument is the band of Fibonacci EMAs, which is beginning to curl upwards.

4-hour chart

  • The RSI on the 4-hour chart has also produced higher lows, validating the oversold conditions reported by the 14-day RSI. Further, the currency pair has found acceptance above the upper edge of the sideways channel. 

Trend: Bullish

USD/CNH

Overview:
    Today Last Price: 6.784
    Today Daily change: 1.0e+2 pips
    Today Daily change %: 0.155%
    Today Daily Open: 6.7735
Trends:
    Previous Daily SMA20: 6.8565
    Previous Daily SMA50: 6.8925
    Previous Daily SMA100: 6.893
    Previous Daily SMA200: 6.7236
Levels:
    Previous Daily High: 6.7876
    Previous Daily Low: 6.744
    Previous Weekly High: 6.8687
    Previous Weekly Low: 6.7376
    Previous Monthly High: 6.9509
    Previous Monthly Low: 6.826
    Previous Daily Fibonacci 38.2%: 6.7709
    Previous Daily Fibonacci 61.8%: 6.7606
    Previous Daily Pivot Point S1: 6.7492
    Previous Daily Pivot Point S2: 6.7248
    Previous Daily Pivot Point S3: 6.7056
    Previous Daily Pivot Point R1: 6.7927
    Previous Daily Pivot Point R2: 6.8119
    Previous Daily Pivot Point R3: 6.8363

 

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