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USD/CNH Technical Analysis: Pair Closing Above 6.7000

USD/CNH Technical Analysis: Pair Closing Above 6.7000

Oded Shimoni, Junior Currency Analyst

Talking Points:

- USD/CNH closes above the 6.7 handle after four failed attempts

- Focus might be put on the January highs at 6.7584

- If the index fails to hold above 6.7, a move lower could see potential support at 6.6500

Find REAL TIME traders positioning with DailyFX’s SSI Indicator Here

The US Dollar is continuing its push higher versus the Chinese Yuan in offshore trade as the pair closed above the 6.7 handle on a daily basis after four failed attempts. The pair has failed to do so this past year, even when printing the January 2016 highs.

Price blasted through the 6.6 handle and the 6.6500 resistance following the “Brexit” vote, and has now cleared the 6.7 handle resistance, but follow-through might prove limited unless the pair manages to hold above the level.

The close above 6.7000 might put the focus on potential resistance at the January high around 6.7584.

If the pair fails to hold 6.7000, the 6.6500 may act as support again.

A move below that level might put the focus on possible support at the 6.6 handle.

USD/CNH Daily Chart: July 11, 2016

USD/CNH Technical Analysis: Pair Closing Above 6.7000

--- 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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