- The USD/CNH proves the immediate barrier in the upper limit of the descending channel.
- The 14 -day relative force index (RSI) is maintained below level 50, indicating an ongoing bearish bias.
- The initial support appears in the minimum of seven months of 7,1644.
The USD/CNH pair recovers its recent losses recorded in the previous session, quoting around 7,1860 during Friday’s Asian hours. An analysis of the daily chart indicates that the price of the torque is trying to break above the descending channel pattern, which points to a weakened bearish trend.
However, the 14 -day relative force (RSI) index, a key Momentum indicator, is still maintained below level 50, suggesting an ongoing bearish impulse. In addition, the USD/CNH torque is quoted below the nine -day exponential mobile average (EMA), which suggests a weaker short -term prices.
On the positive side, the upper limit of the descending channel appears as the immediate resistance, aligned with the nine -day EMA in 7,1865. A rupture above this crucial resistance zone would cause the appearance of a bullish bias and support the USD/CNH torque to test the “backward resistance” around 7,2200.
The USD/CNH torque could aim at the main support of a minimum of seven months of 7,1644, which was recorded on June 5. A rupture below this could reinforce the bearish bias and exert down the torque to navigate in the region around the lower limit of the descending channel in 7,0350.
USD/CNH: Daily graphic
American dollar today
The lower table shows the percentage of US dollar change (USD) compared to the main coins today. US dollar was the strongest currency against the New Zealand dollar.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.42% | 0.44% | 0.01% | 0.26% | 0.80% | 0.88% | -0.04% | |
| EUR | -0.42% | 0.07% | -0.35% | -0.09% | 0.47% | 0.44% | -0.46% | |
| GBP | -0.44% | -0.07% | -0.49% | -0.24% | 0.32% | 0.35% | -0.51% | |
| JPY | -0.01% | 0.35% | 0.49% | 0.29% | 0.82% | 0.87% | -0.03% | |
| CAD | -0.26% | 0.09% | 0.24% | -0.29% | 0.52% | 0.63% | -0.27% | |
| Aud | -0.80% | -0.47% | -0.32% | -0.82% | -0.52% | 0.05% | -0.82% | |
| NZD | -0.88% | -0.44% | -0.35% | -0.87% | -0.63% | -0.05% | -0.87% | |
| CHF | 0.04% | 0.46% | 0.51% | 0.03% | 0.27% | 0.82% | 0.87% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the US dollar of the left column and move along the horizontal line to the Japanese yen, the percentage change shown in the box will represent the USD (base)/JPY (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
