- The USD/CNH hourly chart shows a falling wedge breakout – a bullish continuation pattern which indicates the pullback from the recent high of 6.9124 has ended and that level could be soon put to test.
- The pullback allowed the daily relative strength index (RSI) to position itself in a more bull-friendly manner. As a result, there is scope for a re-test of 6.9124.
- On the downside, a daily close below 6.8056 (Aug. 8 low) would confirm a short-term bull-to-bear trend change.
Hourly chart
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Spot Rate: 6.8430.
Daily High: 6.8479
Daily Low: 6.8279
Trend: Bullish
R1: 6.8566 (daily pivot resistance 1)
R2: 6.8823 (Aug. 2 high)
R3: 6.9124 (Aug. 3 high)
Support
S1: 6.8369 (10-day moving average)
S2: 6.8056 (Aug. 8 low)
S3:6.7738 (July 31 low)
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