USD/CNH is trapped in a narrow range on the daily chart. The MACD histogram suggests scope for a range breakout. USD/CNH’s daily chart MACD histogram, an indicator used to identify trend changes and trend strength, has crossed above zero, confirming a bullish reversal. The indicator’s bullish turn suggests the pair could soon breach the two-week-long trading range of 7.04 to 7.0974 to the higher side. The range breakout, if confirmed, would create room for a rally to 7.1548 (target as per the measured move method). However, the 14-day relative strength index (RSI) is still hovering in bearish territory below 50.00. Also, the MACD histogram is based on moving averages (backward-looking indicators) and often lags prices and traps traders on the wrong side of the market. The outlook would turn bearish if the range play ends with acceptance under 7.04. At press time, the pair is trading at 7.078, representing marginal losses on the day. The immediate bias would remain neutral as long as the pair stuck inside the trading range of 7.04 to 7.0974. Daily chart Trend: Neutral Technical levels 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 45% millennials prefer investing in Bitcoin over stocks, real-estate and gold – Survey FX Street 2 years USD/CNH is trapped in a narrow range on the daily chart. The MACD histogram suggests scope for a range breakout. USD/CNH's daily chart MACD histogram, an indicator used to identify trend changes and trend strength, has crossed above zero, confirming a bullish reversal. The indicator's bullish turn suggests the pair could soon breach the two-week-long trading range of 7.04 to 7.0974 to the higher side. The range breakout, if confirmed, would create room for a rally to 7.1548 (target as per the measured move method). However, the 14-day relative strength index (RSI) is still hovering in bearish territory below 50.00.… 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.
