The USD/CNH pair shows resilience above key support levels and attracts buyers, moving away from a one-week low. Technical indicators suggest the potential for fresh selling at higher levels, with a pivotal point at the 50% Fibonacci level. A sustained strength beyond this level could signal a shift in the negative outlook.
Currently trading near 7.1560, the pair’s bounce from the recent low indicates some positive traction. However, caution is advised due to the mixed technical setup. While the move favors bullish traders, deep negative territory on oscillators suggests the possibility of fresh selling near 7.1845-7.1850 and 7.1895-7.1900 levels.
If the USD/CNH pair surpasses the 50% Fibo. level around 7.1975-7.1980, it could signify a bottom near 7.0835 and pave the way for further appreciation. On the downside, 7.1500 is a key support level, below which a decline towards the multi-month low at 7.0835 is possible. Continued selling could lead to a sharp pullback from the year-to-date peak reached in July.
USD/CNH Daily Chart
US Dollar Price Today
The table below shows the percentage change of the US Dollar (USD) against major currencies today, with the USD being strongest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.04% | -0.05% | 0.01% | -0.02% | -0.31% | 0.03% | -0.01% |
The heat map displays percentage changes of major currencies against each other. The base currency is from the left column, and the quote currency is from the top row.
Analysis:
The USD/CNH pair is showing signs of resilience and potential for a bullish move, but caution is advised due to mixed technical indicators. A break above the 50% Fibonacci level could signal a shift in the negative outlook and pave the way for further gains. On the downside, a breach of key support levels could lead to a retest of multi-month lows. Traders should monitor these levels for potential entry and exit points.