USD/CNH’s daily chart is aligned in favor of the bears. The offshore Yuan could continue to gain ground against the greenback. USD/CNH breached support at 6.9569 (Feb. 6 low) on Tuesday and is currently trading at 6.9317, the lowest level since Jan. 24. To put it another way, the offshore Yuan (CNH) has hit a 5.5-week high against the greenback. The dollar fell sharply on Tuesday as Federal Reserve (Fed) cut rates by 50 basis points in order to contain the negative impact of coronavirus on the economy and markets. That post-Fed rate cut sell-off is being extended in Asia. Bears in control The pair has convincingly breached the support at 6.9569, confirming an end of the bounce from the Jan. 20 low of 6.8453 and putting the bears back in the driver’s seat. Alongside that, the 14-day relative strength index is reporting bearish conditions with a below-50 print. As a result, a deeper drop to 6.90 could be in the offing. The bearish case would weaken above the 200-day average, currently lined up at 7.00. Daily chart Trend: Bearish 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 S. Korean FinMin: Will take stern action if needed to stabilize markets FX Street 2 years USD/CNH's daily chart is aligned in favor of the bears. The offshore Yuan could continue to gain ground against the greenback. USD/CNH breached support at 6.9569 (Feb. 6 low) on Tuesday and is currently trading at 6.9317, the lowest level since Jan. 24. To put it another way, the offshore Yuan (CNH) has hit a 5.5-week high against the greenback. The dollar fell sharply on Tuesday as Federal Reserve (Fed) cut rates by 50 basis points in order to contain the negative impact of coronavirus on the economy and markets. That post-Fed rate cut sell-off is being extended in Asia. Bears… 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.
