skrimon Posted August 25, 2020 Report Share Posted August 25, 2020 USD/CNH bounces off intraday low of 6.9005, marks a two-day losing streak. Sluggish momentum indicators challenge bullish chart formation. 200-bar SMA adds to the upside barriers, the yearly bottom gains the bears’ attention. USD/CNH picks up bids near 6.9080 amid the initial trading session on Tuesday. Even if the cross drops for the second day, a falling wedge formation on the four-hour chart (4H) keeps the bulls hopeful. Other than the pair’s latest weakness, downbeat conditions of RSI and MACD also challenges the buyers. Even so, a sustained break of 6.9180 resistance will theoretically confirm the quote’s run-up towards breaking the monthly top surrounding 7.000 round figures. During a north-run, the 200-bar SMA level near 6.9700 will act as an intermediate halt whereas the late-July top surrounding 7.0300 could the optimists afterward. Meanwhile, PipsWin have reportedly stated that the seven-month low flashed, on Friday, around 6.8930 and the support line of the said bullish formation near 6.8910 challenges the sellers targeting the yearly bottom near 6.8455. USD/CNH four-hour chart USD/CNH four-hour chart Trend: Pullback expected Additional Important Levels Today last price 6.9072 Today Daily Change -0.0050 Today Daily Change % -0.07% Today daily open 6.9122 Trends Daily SMA20 6.9519 Daily SMA50 7.0023 Daily SMA100 7.0514 Daily SMA200 7.0263 Link to comment Share on other sites More sharing options...
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