USD/CNH Technical Analysis: bullish continuation pattern on hourly
The USD/CNH pair could extend its three-day winning streak, as the hourly chart is reporting a descending triangle breakout - a bullish continuation pattern - which often ends up accelerating the preceding bullish move.
Hourly chart
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The triangle breakout seen in the above chart indicates the rally from the low of 6.75 has resumed and the psychological hurdle of 6.80 could be put to test soon.
The breakout is backed by the 14-day relative strength index (RSI) reporting bullish conditions at 65.00.
Further, the key moving averages (MAs) - 50,100 and 200 - are trending north. Notably, their stacking order of 50-hour MA, above the 100-hour MA, above the 200-hour MA is a classic bull indicator.
Trend: bullish
USD/CNH
Overview:
Today Last Price: 6.7815
Today Daily change: 0.0038 pips
Today Daily change %: 0.06%
Today Daily Open: 6.7777
Trends:
Daily SMA20: 6.7755
Daily SMA50: 6.8455
Daily SMA100: 6.8811
Daily SMA200: 6.7572
Levels:
Previous Daily High: 6.7853
Previous Daily Low: 6.7506
Previous Weekly High: 6.7658
Previous Weekly Low: 6.702
Previous Monthly High: 6.8947
Previous Monthly Low: 6.702
Daily Fibonacci 38.2%: 6.7721
Daily Fibonacci 61.8%: 6.7639
Daily Pivot Point S1: 6.7571
Daily Pivot Point S2: 6.7365
Daily Pivot Point S3: 6.7224
Daily Pivot Point R1: 6.7918
Daily Pivot Point R2: 6.806
Daily Pivot Point R3: 6.8266