USD/CNH drops for the third day in a row, battles weekly bottom. China’s June month Caixin Manufacturing PMI grew past-50.5 forecast and 50.7 prior to 51.2. A support line of the immediate falling channel can challenge further weakness amid oversold RSI. 200-HMA, the channel’s upper line will restrict recovery moves. USD/CNH pares post-China data losses while taking rounds to 1.0625 during the early Wednesday. The pair initially dropped to a one-week low of 7.0585 after China’s Caixin Manufacturing PMI flashed upbeat figures. However, the traders failed to defy a three-day-old falling trend channel during the declines and seem to step back from further selling off-late. Read: Markit/Caixin manufacturing PMI, June, rises to 51.2, highest since Dec 2019 Other than the channel formation, oversold RSI conditions also suggest further pullback of the USD/CNH prices. In doing so, 7.0700 will become an immediate target for buyers ahead of confronting 200-HMA and the channel’s resistance around 7.0730/35. Should there be a clear upside past-7.0735, the bulls will aim for late-June top surrounding 7.0900 before attacking 7.1000 threshold. Alternatively, the pair’s further weakness below the said channel’s support, at 7.0575 now, could aim for 7.0500 as an immediate rest. Though, June month’s low near 7.0400 will become the key support afterward. USD/CNH hourly chart Trend: Pullback expected 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 Senate unanimously votes to extend small-business aid program through August FX Street 2 years USD/CNH drops for the third day in a row, battles weekly bottom. China’s June month Caixin Manufacturing PMI grew past-50.5 forecast and 50.7 prior to 51.2. A support line of the immediate falling channel can challenge further weakness amid oversold RSI. 200-HMA, the channel’s upper line will restrict recovery moves. USD/CNH pares post-China data losses while taking rounds to 1.0625 during the early Wednesday. The pair initially dropped to a one-week low of 7.0585 after China’s Caixin Manufacturing PMI flashed upbeat figures. However, the traders failed to defy a three-day-old falling trend channel during the declines and seem to step… 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.
