| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Sell | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Sell | Neutral |
| SAR(0.02;0.2) | Buy | Sell | Sell |
| Aggregate | ⇗ | ⇘ | ⇒ |
The US Dollar continued to depreciate against the Offshore Chinese Renminbi within the long-term descending channel. As apparent on the chart, the USD/CNH currency pair has been consolidating at the 7.000 mark since the middle of December.
Note that the exchange rate is pressured by the monthly PP located at 7.0137. Also, note that the rate is pressured by the 100– and 200-period SMAs on the 4H time-frame chart. Thus, it is likely that some downside potential could prevail in the market.
However, the currency pair could gain support of the Fibonacci 23.605 retracement, as well the monthly S1 at 6.9736.