The USD/CNH pair picks up bids to re-establish the intraday high.
Bulls are favored by an upbeat RSI line and prolonged trading beyond the critical SMA.
For new entry, sellers want confirmation from 13-day-old horizontal support.
USD/CNH remains optimistic, with bids rising to 6.4800, up 0.10 percent intraday, on early Thursday. This validates the Chinese currency pair’s continuous run-up past the 100-day moving average and Tuesday’s comeback amid an upbeat RSI line.
Bulls are currently aiming for a downward sloping trend line from June 23, which is located near 6.4890. Any further gains must, however, cross the June top at 6.4950 to satisfy the buyers.
The 6.5000 level, as well as late January highs near 6.5150, should then reappear on the chart.
A decisive breach below the 100-SMA level of 6.4640, on the other hand, might send USD/CNH sellers back to the short-term horizontal support level of 6.4520.
The 6.4500 round figure provides a filter to the pair’s fall towards the swing low of 6.4215 set on June 17.
Expect more gains in the future./n
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