Skip to Content
News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
USD/CNH Technical Analysis: Pair Set to Make a Decision

USD/CNH Technical Analysis: Pair Set to Make a Decision

Oded Shimoni, Junior Currency Analyst

Talking Points:

- USD/CNH held below 6.6500

- Pair finding support at the July lows around 6.6224

- Sideways trading seems to be the order of the day until a break to either side

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

The US Dollar is trading sideways versus the Chinese Yuan in offshore trade, as the pair held below the 6.6500 technical level, but found support around the July lows at 6.6224.

The move higher from support might now shift focus again to 6.6500 for possible resistance. A break higher could expose prior resistance levels at 6.6860 and the 6.7 handle.

For bulls to really show strength, the price might need to break and hold above those recent highs.

A hold below 6.6500 may shift focus again to 6.6224 initially, followed by the 6.6 handle.

Sideways trading seems to be the order of the day until the pair manages to clear one of those short term tech levels.

USD/CNH Daily Chart: August 19, 2016

--- 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.

DISCLOSURES