USDCNH continues to waffle sideways for fourth day

Technical Analysis

Author: Greg Michalowski | usdcnh

The levels to eye

The USDCNH (off shore yuan) has contnued to go sideways for the fourth straight day. The price moved above a ceiling at 6.9187 on May 16th.   The high reached 6.9485 on May 17 and May 20.  It has consolidated between those levels since that time with small ups and small downs.

The levels to eye
In between the  6.91875 and the 6.9485 level, sits the 100 hour MA at 6.93526 and a trend line at 6.9242.

Currently the price is below the 100 hour MA  (traded above and below the MA in trading today.  The low today stalled right at the upward sloping trend line (see green circle 3). 

It'll take a break above the ceiling or below the trend line and floor get traders thinking more about a trend again. For now, the extremes are support and resistance. 



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