- Analytics
- News and Tools
- Market News
- USD/CNH Price Analysis: Pullback from previous support eyes monthly low
USD/CNH Price Analysis: Pullback from previous support eyes monthly low
- USD/CNH prints three-day south-run, stays pressured around intraday low.
- Oversold RSI probes bears, 5-DMA guards immediate upside.
USD/CNH takes offers around $6.3775, down 0.10% intraday as European traders brace for Monday’s bell.
In doing so, the offshore Chinese currency (CNH) pair extends the previous week’s U-turn from a support-turned-resistance line from July towards the monthly low, also the lowest level since May.
It should be noted, however, that the oversold RSI conditions may challenge the USD/CNH bears around the five-month low of $6.3524, also the yearly bottom.
In a case where the pair sellers ignore RSI conditions and refresh the yearly low, bottom marked during the mid-May 2018 near $6.3195 may challenge the quote ahead of directing them to the $6.3000 threshold.
On the contrary, the 5-DMA level of $6.3855 challenges the quote’s immediate upside ahead of the stated resistance line, previous support, near $6.3990.
During the USD/CNH upside past $6.3990, September’s low around $6.4250-45 will gain the buyer’s attention.
USD/CNH: Daily chart
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
