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USD/CNH Technical Analysis: 6.6500 May Turn Resistance After Breakdown

USD/CNH Technical Analysis: 6.6500 May Turn Resistance After Breakdown

2016-08-01 10:16:00
Oded Shimoni, Junior Currency Analyst
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Talking Points:

- USD/CNH blasted through support at 6.6500

- If 6.6500 turns resistance, focus might be put on the 6.6 handle

- Technical levels proved significant in the latest turn of events

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

The US Dollar is seeing possible corrective action versus the Chinese Yuan in offshore trade, as the pair blasted through the 6.6500 support level this past Friday.

As was mentioned in the prior report, the hold below 6.6860 seemed to have put focus on the 6.6500 level for possible support.

The break below 6.6500 might now imply that the level could act as resistance. If that’s the case, eyes might be on the next big level at the 6.6 handle.

A move above 6.6500 seems likely to put focus on the 6.7 handle for possible resistance.

USD/CNH Daily Chart: August 1, 2016

USD/CNH Technical Analysis: 6.6500 May Turn Resistance After Breakdown

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

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

Follow him on Twitter at @OdedShimoni

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

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