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USD/CNH Technical Analysis: Pair Pointing Higher After Break

USD/CNH Technical Analysis: Pair Pointing Higher After Break

Oded Shimoni, Junior Currency Analyst

Talking Points:

- USD/CNH broke above 6.6500

- A hold above the 6.6500 level may expose recent highs around 6.7

- Another Break higher might be required for bulls to really show strength

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The US Dollar is trading higher versus the Chinese Yuan in offshore trade, as the pair broke above the 6.6500 technical level after finding support at the July lows around 6.6224.

The break above resistance at 6.6500 might now shift focus to intermediate resistance at 6.6860 followed by the 6.7 figure.

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

A move lower seems likely to shift focus to 6.6500 again for possible support, followed by the aforementioned lows at 6.6224.

USD/CNH Daily Chart: August 22, 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.

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