USD/CNH keeps the break of 16-month-old trend line despite bouncing off 6.9276. Bearish MACD, lack of oversold RSI indicates room for additional declines. 6.9700 resistance confluence restricts the pair’s immediate upside. USD/CNH picks up the bids near 6.9355/60 during the early Thursday. The pair refreshed five-month low the previous day. In doing so, it extends the downside break of an ascending trend line from April 2019. Other than the sustained downside below the key support line, now resistance, bearish MACD and an absence of oversold RSI conditions also favor the sellers. As a result, March month’s low near 6.9050 acts as immediate support for the pair sellers to watch ahead of 6.9000 round-figures. In a case where the bears dominate past-6.9000, the yearly bottom surrounding 6.8455 will be challenged. Alternatively, the support-turned-resistance line joins 23.6% Fibonacci retracement of the pair’s upside between March 2018 and September 2019 to confine the immediate upside near 6.9700. Additionally, 7.000 psychological magnet and late-July top near 7.0300 could lure the bulls past-6.9700. USD/CNH weekly chart Trend: Bearish 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 EUR/USD bid above 1.18 as US 10-year yield drops FX Street 2 years USD/CNH keeps the break of 16-month-old trend line despite bouncing off 6.9276. Bearish MACD, lack of oversold RSI indicates room for additional declines. 6.9700 resistance confluence restricts the pair’s immediate upside. USD/CNH picks up the bids near 6.9355/60 during the early Thursday. The pair refreshed five-month low the previous day. In doing so, it extends the downside break of an ascending trend line from April 2019. Other than the sustained downside below the key support line, now resistance, bearish MACD and an absence of oversold RSI conditions also favor the sellers. As a result, March month’s low near 6.9050 acts… 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.
