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USD/CNH Technical Analysis: Move Higher Still Unable to Clear 6.7000

USD/CNH Technical Analysis: Move Higher Still Unable to Clear 6.7000

Oded Shimoni, Junior Currency Analyst

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Talking Points:

- USD/CNH continues to hold below the 0.67 handle which appears to act as resistance

- A break above 0.6700 could put the spotlight on the January highs at 6.7584

- A move lower could see potential support at 0.6500

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The US Dollar is nudging higher versus the Chinese Yuan in offshore trade as the pair continues to see upside momentum halted at the 0.67 handle.

The pair blasted through the 6.6 handle and the 6.6500 level following the “Brexit” vote, and have since traded between the 6.7 handle as resistance and the 6.5000 level on what seems like a “resistance turned support” basis.

The pair has failed to close above 6.7000 in the last three attempts higher, and a break might put the focus on potential resistance at the January high around 6.7584.

If upside momentum stalls further on resistance, the 6.6500 could act as support again. A move below the level may put the focus on possible support at the 6.6 handle.

USD/CNH Daily Chart: July 8, 2016

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

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

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

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