USD/CNH Technical Analysis: Bear flag seen in 4H chart
The USD/CNH pair is not out of the woods, as the pair has charted a bear flag – a pause, which often ends up accelerating the preceding downtrend.
4-hour chart
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- As seen above, the currency pair faced rejection at the upper edge of the inverted (bear flag) earlier today.
- The sell-off from the Dec. 21 high of 6.9193 will likely resume if the lower edge of the flag, currently at 6.7553, is breached. That would open the doors for a drop to 6.5733.
- The bear flag would be invalidated if the pair finds acceptance above the upper edge, currently at 6.8083.
Trend: Neutral
USD/CNH
Overview:
Today Last Price: 6.7981
Today Daily change: -0.0103 pips
Today Daily change %: -0.15%
Today Daily Open: 6.8084
Trends:
Daily SMA20: 6.8378
Daily SMA50: 6.8835
Daily SMA100: 6.8911
Daily SMA200: 6.7312
Levels:
Previous Daily High: 6.8098
Previous Daily Low: 6.7724
Previous Weekly High: 6.8098
Previous Weekly Low: 6.7396
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Daily Fibonacci 38.2%: 6.7955
Daily Fibonacci 61.8%: 6.7867
Daily Pivot Point S1: 6.7839
Daily Pivot Point S2: 6.7594
Daily Pivot Point S3: 6.7464
Daily Pivot Point R1: 6.8214
Daily Pivot Point R2: 6.8343
Daily Pivot Point R3: 6.8588