USD/CNH Technical Analysis: Triangle resistance is capping gains despite renewed trade concerns
- The US President Trump on Monday said that he would slap tariffs on all remaining Chinese imports if negotiations with Xi-Jinping fail to produce a US-China trade deal. Still, the USD/CNH is struggling to move past the upper edge of the symmetrical triangle resistance.
- The bullish breakout, however, could happen today if Fed's Powell boosts bets of an extended Fed tightening cycle. The central bank chief is scheduled to speak today at 17:00 GMT. A bull breakout, if confirmed, would open the doors for a test of major psychological resistance of 7.00.
- The lower end of the symmetrical triangle could be put to test if Powell puts more emphasis on the rising risks to the US economy and the US third-quarter GDP is revised lower.
Daily Chart
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Trend: Neutral
USD/CNH
Overview:
Today Last Price: 6.9507
Today Daily change: -46 pips
Today Daily change %: -0.0661%
Today Daily Open: 6.9553
Trends:
Previous Daily SMA20: 6.9344
Previous Daily SMA50: 6.9186
Previous Daily SMA100: 6.8727
Previous Daily SMA200: 6.6255
Levels:
Previous Daily High: 6.958
Previous Daily Low: 6.9328
Previous Weekly High: 6.9504
Previous Weekly Low: 6.9191
Previous Monthly High: 6.9798
Previous Monthly Low: 6.8674
Previous Daily Fibonacci 38.2%: 6.9483
Previous Daily Fibonacci 61.8%: 6.9424
Previous Daily Pivot Point S1: 6.9394
Previous Daily Pivot Point S2: 6.9235
Previous Daily Pivot Point S3: 6.9142
Previous Daily Pivot Point R1: 6.9646
Previous Daily Pivot Point R2: 6.9739
Previous Daily Pivot Point R3: 6.9898