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30 Jul 2021

USD/CNH Price Analysis: Sellers attack six-week-old support around $6.46

  • USD/CNH fades bounce off short-term horizontal support, keeps 200-SMA breakdown.
  • Bearish MACD backs the sellers to aim for mid-June top.
  • Monthly resistance line adds to the upside filters.

USD/CNH flirts with $6.4600 while defending short-term support during early Friday.

Even so, the offshore Chinese Yuan (CNH) keeps the previous day’s downside break of 200-SMA amid bearish MACD.

Hence, USD/CNH bears remain hopeful to visit the mid-June tops surrounding $6.4200. However, a clear break of $6.4500 immediate support becomes necessary for that.

Should the pair sellers keep reins past $6.4200, the $6.4000 psychological magnet will be on their radars.

Meanwhile, 200-SMA near $6.4725 guards the quote’s corrective pullback, if any, a break of which could escalate the recovery moves to a three-week-old horizontal resistance near $6.5000.

It should be noted though that an ascending trend line from June 23 and the monthly high, respectively around $6.5100 and $6.5285, become additional challenges for the USD/CNH buyers if they chose to return.

Overall, USD/CNH remains pressured but sellers await a trigger.

USD/CNH: Four-hour chart

Trend: Further weakness expected

 

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