- USD/CNH edges higher on Friday in the Asian time.
- Pair looks for additional gains if price decisively crosses $6.5100.
- Momentum oscillator trades in the overbought zone with a bullish crossover.
USD/CNH manages to sustain the previous day’s gain on Friday and touches the high of $6.5100. The pair opened lower but swiftly recovered and touch the intraday high at $6.5104.
At the time of writing, USD/CNH is trading at $6.5063, up 0.11% for the day.
USD/CNH Daily Chart
On the daily chart, the pair has been rising since July 30, from the long term support placed at $6.4525.
Price breaks the ascending triangle formation on Friday, which is a bullish price confirmation.
In doing so, USD/CNH bulls would be ready to move forward toward the $6.5200 horizontal resistance level followed by the high of July 28 at $6.5277.
The Moving Average Convergence Divergence (MACD) indicator signifies the underlying bullish sentiment in the pair. Any uptick in the MACD would amplify the buying opportunity till the high of April 15 at $6.5441.
Alternatively, a reversal in price movement would try to test the $6.4968 horizontal support level.
A daily close below the mentioned level would confirm the dominance of the bears over the price action.
Next, the market participants keep their eye on the $6.4880 horizontal support level followed by the $6.4776 horizontal support level
USD/CNH additional levels
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