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18 Sep 2019

USD/CNH technical analysis: 21-day EMA holds the key to 7.1390/1400 horizontal resistance

  • USD/CNH has been trading below 21-day EMA for the last four days.
  • 23.6% Fibonacci retracement offers immediate support ahead of 50-day EMA and five-month-old rising trend-line.

Despite successfully trading beyond 23.6% Fibonacci retracement of March-September upside, USD/CNH stays below the 21-day exponential moving average (EMA) as it makes the rounds to 7.0850 during early Wednesday.

The quote needs to provide a daily closing beyond 21-day EMA level of 7.0950 in order to aim for 7.1390/1400 horizontal area including multiple highs/lows marked during August.

Should prices successfully rise beyond 7.1400, monthly top close to 7.1970 and 7.2000 will be on the bulls’ radar.

Meanwhile, the pair’s break below 23.6% Fibonacci retracement level of 7.0725 can take rest on 50-day EMA, at 7.0457 now. However, 38.2% Fibonacci retracement level of 6.9957 and an upward sloping trend-line since April near 6.9644 could question sellers afterward.

USD/CNH daily chart

Trend: bullish

 

Sep 18, 2019

Silver technical analysis: Bulls and bears about to lock heads around 38.2% and 50% Fibo's

Technically, resting on the 50% and 38.2% Fibonacci lines of the mid-July to recent Sep highs, Silver has moved higher from the trendline support and
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Sep 18, 2019

EUR/JPY technical analysis: Breaching 5-month falling trendline

EUR/JPY is currently trading just above 119.64 – the resistance of the trendline connecting April 17 and July 1 highs. A convincing close above 119.64
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