USD/CNH Technical Analysis: Focus Shifts to 6.7000 After Finding Support
24 Aug 2016 05:23, GMTTalking 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
--- 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.