USD/CNH Technical Analysis: gap filling underway

  • The USD/CNH is currently trading at 6.9161, having opened at a three-week low of 6.8956. Notably, the spot had closed last week 6.9463.
  • The US-China trade truce likely triggered a gap down opening. The temporary pause, however, was more or less priced in and the deeply contentious structural issues around US-China trade remains unresolved. As a result, the spot could fill the gap with a move to Friday's low of 6.9327.
  • A rejection at 6.9327 would validate the symmetrical triangle breakdown and open the doors for a test of 6.7810 (August low).
  • A move above 6.9583 (Nov. 28 high) would open up upside towards 6.98 (Nov. 1 high) and 7.00 (major psychological resistance).

Daily Chart

	USD/CNH Technical Analysis: gap filling underway

Trend: Neutral


    Today Last Price: 6.917
    Today Daily change: -3.3e+2 pips
    Today Daily change %: -0.478%
    Today Daily Open: 6.9502
    Previous Daily SMA20: 6.9361
    Previous Daily SMA50: 6.9244
    Previous Daily SMA100: 6.8797
    Previous Daily SMA200: 6.6347
    Previous Daily High: 6.9567
    Previous Daily Low: 6.934
    Previous Weekly High: 6.9587
    Previous Weekly Low: 6.9306
    Previous Monthly High: 6.9808
    Previous Monthly Low: 6.8525
    Previous Daily Fibonacci 38.2%: 6.948
    Previous Daily Fibonacci 61.8%: 6.9427
    Previous Daily Pivot Point S1: 6.9373
    Previous Daily Pivot Point S2: 6.9243
    Previous Daily Pivot Point S3: 6.9146
    Previous Daily Pivot Point R1: 6.96
    Previous Daily Pivot Point R2: 6.9697
    Previous Daily Pivot Point R3: 6.9827


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