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29 Dec 2023

USD/CNH holds below the 7.1000 mark in the last trading day of 2023

  • USD/CNH attracts some sellers around 7.0990 amid the quiet session on Friday.
  • The bearish outlook remains intact as the pair holds below the key EMA on the daily chart.
  • The initial support level will emerge at 7.0668; the first resistance level is located at 7.1206.

The USD/CNH pair extends its downside during the early European session on Friday. The softer US Dollar (USD) and lower US Treasury bond yields exert some selling pressure on the pair. USD/CNH currently trades near 7.0990, losing 0.28% on the day.

From the technical perspective, USD/CNH holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the daily chart, suggesting that further downside looks favorable. Additionally, the downward momentum is supported by the 14-day Relative Strength Index (RSI), which stands in bearish territory below 50.

The initial support level for USD/CNH will emerge near a low of June 2 at 7.0668. Further south, the next contention is located near a low of May 26 at 7.0557. A break below 7.0412 (Low of May 23) will see a drop to 7.0152 (Low of May 22).

On the upside, the first upside barrier to watch is a low of December 20 at 7.1206. The additional upside filter is seen at a high of December 28 at 7.1534. Any follow-through buying above the latter will see a rally to 7.1636 (High of December 22), en route to 7.1767 (High of December 6).

USD/CNH daily chart

 

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