- April 30, 2020
- Posted by: Trading
- Category: News
- USD/CNH pulls back from the eight-day-old support trend line.
- China’s April month official Manufacturing PMI slipped below forecasts.
- Two-day-old resistance line in focus.
- 61.8% Fibonacci retracement adds to the support.
With weaker than anticipated China Manufacturing PMI, USD/CNH bounces off immediate support line to currently around 7.0731 during the early Thursday.
China’s Manufacturing PMI slipped below 51.00 market consensus to 50.80, versus 52.00 prior.
Should the pair manage to sustained bounce, a two-day-old falling trend line near 7.0830 will be challenging the bulls ahead of the weekly top near 7.0985.
On the contrary, a downside break of the said support line, at 7.0720, will have to slip below 61.8% Fibonacci retracement of April 14-21 upside, around 7.0680, to revisit sub-7.0600 area.
USD/CNH hourly chart
Trend: Pullback expected