Created
: 2025.01.10
2025.01.10 14:44
The USD/CNH pair retraces its two days of gains, trading around 7.3520 during the Asian hours on Friday. An analysis of the daily chart indicates that the price movement within the ascending channel pattern is intensifying, which points to a strengthening bullish trend.
The 14-day Relative Strength Index (RSI), a key momentum indicator, holds below the 70 level, reinforcing the ongoing bullish momentum. Moreover, the USD/CNH pair trades above both the nine-day and 14-day Exponential Moving Averages (EMAs), further suggesting robust short-term price momentum.
The USD/CNH pair could test primary resistance at 7.3697, the highest level since October 2022, reached on December 31. A break above this level could reinforce the bullish bias and support the pair to approach the upper boundary of the ascending channel at the 7.4150 level.
On the downside, the USD/CNH pair may initially test the nine-day Exponential Moving Average at the 7.3435 level, followed by the 14-day EMA at the 7.3348 level. A break below this level would weaken the short-term price momentum and lead the pair to navigate the area around the ascending channel's lower boundary at the 7.2890 level.
Created
: 2025.01.10
Last updated
: 2025.01.10
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy