Offshore Yuan closed below 6.70 per USD on Wednesday for the first time since September 2017. Golden crossover favors further weakness in CNH (further rally in USD/CNH), however, the 14-day relative strength index (RSI) is reporting overbought conditions. The USD/CNH pair is holding above 6.70, having closed above that level yesterday for the first time since September 2017. The People’s Bank of China (PBOC) set the Yuan midpoint rate of 6.6723 today – the weakest daily fix since August 2017. Further, the 0.74 percent rise from the previous day’s setting at 6.6234 is the biggest since January 2017. The weaker fix will likely keep the onshore (CNY) and offshore (CNH) on the defensive. Also, the USD/CNH daily chart shows a golden crossover – a bullish crossover between the 50-day moving average (MA) and 100-day MA. So, the path of least resistance is on the higher side. However, the RSI is flashing overbought conditions, which makes the USD/CNH pair vulnerable to a pullback. It remains to be seen whether golden crossover overshadows overbought conditions and yields another leg higher in the USD/CNH pair. It is worth noting that, more often than not, the overbought conditions overpower the golden crossover – a lagging indicator – in the short-term. USD/CNH Technical Levels Resistance: 6.7292 (session high), 6.7329 (July 3 high), 6.859 (June 2017 high) Support: 6.70 (psychological support), 6.6720 (5-day MA), 6.6637 (10-day MA) Â FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bank of Korea keeps rates unchanged, expects growth to slow FX Street 4 years Offshore Yuan closed below 6.70 per USD on Wednesday for the first time since September 2017. Golden crossover favors further weakness in CNH (further rally in USD/CNH), however, the 14-day relative strength index (RSI) is reporting overbought conditions. The USD/CNH pair is holding above 6.70, having closed above that level yesterday for the first time since September 2017. The People's Bank of China (PBOC) set the Yuan midpoint rate of 6.6723 today - the weakest daily fix since August 2017. Further, the 0.74 percent rise from the previous day's setting at 6.6234 is the biggest since January 2017. The weaker… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.