Never miss a story from Oded Shimoni

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Oded Shimoni

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Talking Points:

- Pair broke key resistance at the January 7 high around 6.7584

- Breakout above the 6.7000 handle paved the way for an explosive upside move

- Pullback to support might initiate further buying

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 broke key resistance levels to post new highs.

The pair surged higher after breaking resistance around the 6.7 handle which we highlighted for the past couple of months; a break that shifted focus to the 2016 January high at the 6.7584 level, which was cleared as well on strong US Dollar momentum.

The next major resistance level seems to be the 6.8 handle, while potential levels of support could be 6.7584 followed by the area below 6.7400 and the 6.7 handle.

At this point in time moves to the downside might still be interpreted as corrective as long as buyers can keep price above the 6.7 level.

USD/CNH Daily Chart: October 25, 2016

USD/CNH Technical Analysis: Pair Trading at New Highs

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

To contact Oded Shimoni, e-mail

Follow him on Twitter at @OdedShimoni