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USD/CNH Technical Analysis: Focus Shifts to 6.7000 After Finding Support

USD/CNH Technical Analysis: Focus Shifts to 6.7000 After Finding Support

2016-08-24 05:23:00
Oded Shimoni, Junior Currency Analyst
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Talking Points:

- USD/CNH broke above 6.6500 and held the level on a retest

- Focus might shift to the 6.7 handle next

- 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, after the pair managed to hold above the 6.6500 level as support on a retest.

The hold above 6.6500 seems likely to shift focus to intermediate resistance at 6.6860 followed by the 6.7 figure.

A break and hold above those recent highs may be required for bulls to really take control again.

A move to the downside may target the 6.6500 level again, followed by the July lows at 6.6224.

USD/CNH Daily Chart: August 24, 2016

USD/CNH Technical Analysis: Focus Shifts to 6.7000 After Finding Support

--- Written by Oded Shimoni, Junior Currency Analyst for 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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