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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
USD/CNH Technical Analysis: Short Term Range Ahead of China Holiday

USD/CNH Technical Analysis: Short Term Range Ahead of China Holiday

Oded Shimoni, Junior Currency Analyst

Talking Points:

- Pair is trading in a narrow short term range between 6.6700 and 6.6860

- Breakout above the 6.7000 handle might be a key bullish development

- 50-day moving average also in play

If you’re looking for trading ideas, check out our Trading Guides Here

The US Dollar is trading higher versus the Chinese Yuan in offshore trade, as the pair currently reacts to short term technical levels ahead of the China holiday period.

It’s important to note the both the Yuan’s onshore and offshore borrowing rates m ay increase ahead of the Chinese “National Day “ holiday.

The pair traded higher after forming a “Morning Star” bullish technical pattern around support at 6.6500, and is now trading in a narrow short term range between the 6.6700 support level and the 6.6860 resistance. The 50-day moving average is also in play, providing support for prices at the moment.

A break above resistance at 6.6860 might expose the 6.7 handle, and a break higher might be required to signal a continuation of the bullish trend.

A move below 6.6700 seems likely to shift focus to 6.6500 followed by 6.6224, which also coincides with a long term up trend line.

USD/CNH Daily Chart: September 30, 2016

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

To contact Oded Shimoni, e-mail

Follow him on Twitter at @OdedShimoni

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