We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.69%, while traders in US 500 are at opposite extremes with 72.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F662hrVIJs
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.01% 🇪🇺EUR: -0.05% 🇳🇿NZD: -0.11% 🇯🇵JPY: -0.23% 🇨🇦CAD: -0.25% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Eap93N4RvZ
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -1.82% Wall Street: -1.83% Germany 30: -2.34% France 40: -2.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/g3El2CLFLt
  • My trading video for today: 'Dow Ends Worst Quarter Since 1987, Oil a Record and Trump Talks Infrastructure' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/01/Dow-Ends-Worst-Quarter-Since-1987-Oil-a-Record-and-Trump-Talks-Infrastructure.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/5Gp7y2QwCB
  • Forex Update: USD gains against its major counterparts, with GBP (-0.31%) and CAD (-0.31%) showing the biggest losses. https://t.co/tsmFUrcLAQ
  • Wall Street Futures [delayed]: Dow Jones (-1.37%) S&P 500 (-1.40%) Nasdaq (-0.98%) -BBG
  • The $USD is on the defensive after the Fed activated open-ended QE to becalm panicky financial markets, but scope for renewed stress means losses may be limited. Get your market update from @IlyaSpivak here:https://t.co/dX4Y2akuLc https://t.co/HTn5MtkpFO
  • (Sentiment Weekly) The #DowJones, #SP500 and #DAX30 have bounced after aggressive declines. Can this momentum last? Trader positioning seems to be offering mixed signals as technicals point bearish - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/01/Dow-Jones-SP-500-DAX-30-Outlook-Will-the-Bounce-Last.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/qpCql2i9M8
  • Indonesia cuts 2020 GDP growth estimate to 2.3% from 5.3% $USDIDR #Rupiah -BBG
USD/CNH Technical Analysis: Pair Surging Higher Post "Brexit"

USD/CNH Technical Analysis: Pair Surging Higher Post "Brexit"

2016-06-27 06:01:00
Oded Shimoni, Junior Currency Analyst
Share:

Talking Points:

- USD/CNH trading above 6.6500 at the time of writing

- A close above the 6.6500 level might expose the 6.7 handle

- A move lower may put the focus on the 6.6 handle again

Volatility set to be high after the Brexit vote. Learn Good Trading Habits with the “Traits of Successful Traders” series

The US Dollar is surging higher versus the Chinese Yuan in offshore trade (at the time this report was written), after the EU Referendum vote sent the financial markets into disarray.

Last week, we took a much longer term view of the pair in anticipation of the upcoming volatility. As the market might now slowly adjusts to the new reality, we look to return to a slightly shorter term outlook.

After the pair blasted higher and moved through the 6.6 handle, the next level of significance appeared to be the 6.6500 level. At the time of writing, the pair has managed to move above the level. A close and a hold above the 6.6500 figure could potentially expose the 6.7 handle for possible resistance.

If the pair manages to move above the 6.7 figure, resistance might be found around the January high at the 6.75847 level.

A move below 6.6500 may put the focus again on the 6.6 handle for possible support, followed by the 6.5500 level.

A break below that level could put the spotlight on a possible trend line support from October 2015, with a major support confluence zone (marked blue) that combines the 6.5000 handle, 200 day SMA and the 6.47446 level, which is the 0.382 Fib from the long term up trend as marked from the 2014 low at 6.0150.

USD/CNH Daily Chart: June 27, 2016

USD/CNH Technical Analysis: Pair Surging Higher Post "Brexit"

--- Written by Oded Shimoni, Junior Currency Analyst for DailyFX.com

To contact Oded Shimoni, e-mail instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.