USD/CNH: End Of Week Technicals - Bullish Ranging with 6,7425 Key Resistance

USD/CNH: End Of Week Technicals - Bullish Ranging with 6,7425 Key Resistance

14 October 2016, 11:55
Sergey Golubev
8
115

This trading week is ended with some results concerning USD/CNH: the price was started with the bullish breakout last Friday and it was stopped by 6.7425 resistance level. For now, the price is still on testing with this 6.7425 resistance for the bullish trend to be continuing.

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D1 price is located to be above Ichimoku cloud for the primary bullish market condition with the ranging within the following s/r levels:

  • 6.7425 resistance level located far above Ichimoku cloud in the bullish area of the chart, and
  • 6,7179 support level located in the beginning fo the secondary correction to be started.

H4 price is on bullish trend with 6.7425 resistance level to be broken for the primary bullish condition to be continuing:

  • Chinkou Span line is located above the price for the ranging bullish trend by the direction.
  • Absolute Strength indicator is estimating the ranging condition to be started.
  • Descending triangle pattern was formed by the price to be broken to below for the correction to be started.
  • The nearest resistance level for the bullish trend to be resumed is 6.7425.
  • Nearest support level for the secondary correction to be started is 6,7179.
  • The nearest support level for the bearish reversal is 6,7051.

If H4 price breaks 6.7425 resistance level so the primary bullish trend will be resumed.
If H4 price breaks 6,7179 support so the local downtrend as the secondary ranging correction within the primary bullish trend will be started.
If H4 price breaks 6,7051 support so we may see the bearish reversal to be started for this intra-day price movement.
If not so the price will be on bullish ranging within the levels.

Resistance
 Support
6.74256,7179
N/A6,7051

SUMMARY : bullish

TREND : ranging

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