The yuan offshore exchange rate remains on the defensive after the weaker PBOC fix. The USD/CNH pair is holding above 6.80, having created a bullish outside-day continuation pattern yesterday. The USD/CNH pair (offshore yuan exchange rate) rose to 6.8306 earlier today and was last seen trading largely unchanged around 6.8227. The offshore exchange rate came under pressure in early trading as the People’s Bank of China raised the CNY daily fix to 6.7942 from the previous day’s three-week low of 6.7662. Further, the bullish outside-day candle (bullish continuation pattern) created on Thursday also called for a further depreciation in the CNH, however, overbought conditions are likely capping the rise in the USD/CNH pair. Should the pair deflate from here, the AUD and other Aussie proxies, Asian currencies and commodities could witness a relief rally. USD/CNH Technical Levels Resistance: 6.8360 (previous week’s high), 6.8443 (weekly high), 6.859 (June 2017 high). Support: 6.7736 (10-day MA), 6.738 (previous day’s low), 6.7329 (July 3 high). 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 US Official: Trade deal with EU trade greater in scope than expected – Reuters FX Street 5 years The yuan offshore exchange rate remains on the defensive after the weaker PBOC fix. The USD/CNH pair is holding above 6.80, having created a bullish outside-day continuation pattern yesterday. The USD/CNH pair (offshore yuan exchange rate) rose to 6.8306 earlier today and was last seen trading largely unchanged around 6.8227. The offshore exchange rate came under pressure in early trading as the People's Bank of China raised the CNY daily fix to 6.7942 from the previous day's three-week low of 6.7662. Further, the bullish outside-day candle (bullish continuation pattern) created on Thursday also called for a further depreciation in the… Regulated 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.
