USD/CNH Technical Analysis: bounce likely as RSI drops below 30 on key timeframes
The USD/CNH pair looks overdue for a corrective bounce, as the relative strength indices (RSIs) on the hourly, 4-hour and daily chart are reporting oversold conditions.
Hourly chart
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- The above chart is showing a bullish divergence of the RSI. The pair, therefore, could soon test the downward sloping 50-hour MA of 6.7382.
Trend: oversold bounce likely
USD/CNH
Overview:
Today Last Price: 6.7078
Today Daily change: -56 pips
Today Daily change %: -0.08%
Today Daily Open: 6.7134
Trends:
Daily SMA20: 6.7928
Daily SMA50: 6.8568
Daily SMA100: 6.8846
Daily SMA200: 6.7508
Levels:
Previous Daily High: 6.7526
Previous Daily Low: 6.702
Previous Weekly High: 6.8189
Previous Weekly Low: 6.7525
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Daily Fibonacci 38.2%: 6.7214
Daily Fibonacci 61.8%: 6.7333
Daily Pivot Point S1: 6.6928
Daily Pivot Point S2: 6.6721
Daily Pivot Point S3: 6.6422
Daily Pivot Point R1: 6.7433
Daily Pivot Point R2: 6.7732
Daily Pivot Point R3: 6.7939