USD/CNH Technical Analysis: Bulls look to be gaining control

• The USD/CNH hourly chart shows a bullish relative strength divergence (RSI) and an upside break of the ascending triangle. 
• Hence, the spot looks set to re-test the 200-hour moving average (MA) of 6.87. 
• On the downside, 6.81 is the level to beat for the bears. 

Hourly chart

Spot Rate: 6.8342

Daily High: 6.8412

Daily Low: 6.8264

Trend: Bullish

Resistance

R1: 6.8383 (5-day MA)

R2: 6.8620 (10-day MA)

R3: 6.87 (200-hour MA)

Support

S1: 6.81 (support as per the hourly chart)

S2: 6.7745 (July 31 low)

S3: 6.7195 (50-day MA)