USD/CNH has created a pennant pattern on the daily chart. A breakdown will likely accelerate the sell-off from June highs. USD/CNH (Yuan’s offshore exchange rate) has printed a contracting triangle (lower high + higher low) on the daily chart. The congestion could be referred to as pennant, as it is preceded by a near-90 degree decline from 7.1961 to 7.0397. At press time, the lower end of the pennant is located at 7.05, and resistance is located at 7.0862. A close below 7.05 would confirm pennant breakdown, a bearish continuation pattern. That would signal a resumption of the decline from 7.1961 and open the doors for 6.9041 (March 9 low). Alternatively, a pennant breakout would imply a bearish-to-bullish trend change and shift the focus to 7.1557 (May 4 high). At press time, USD/CNH is trading at 7.0710. 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 AUD/USD Price Analysis: Consolidates gains from intraday low beyond 0.6900 FX Street 3 years USD/CNH has created a pennant pattern on the daily chart. A breakdown will likely accelerate the sell-off from June highs. USD/CNH (Yuan's offshore exchange rate) has printed a contracting triangle (lower high + higher low) on the daily chart. The congestion could be referred to as pennant, as it is preceded by a near-90 degree decline from 7.1961 to 7.0397. At press time, the lower end of the pennant is located at 7.05, and resistance is located at 7.0862. A close below 7.05 would confirm pennant breakdown, a bearish continuation pattern. That would signal a resumption of the decline from 7.1961… 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.
