The USD/CNH pair is heading towards 2016 and 2017 lows and 78.6% Fibonacci retracement, which were made at 6.4437/17, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank reports. Key quotes “USD/CNH’s decline is ongoing with the currency pair sliding towards the 2016 and 2017 lows and 78.6% Fibonacci retracement at 6.4437/17. There it may at least short-term stabilise. Further down sit the May 2018 high at 6.4323 and also the February and early May 2018 highs at 6.3835/6.3774.” “Minor resistance above the 6.5971 late November high comes in between the October low and the November 12 high at 6.6274/6.6349 and also at the November 9 high at 6.6495. Further resistance can be seen along the May-to-November downtrend line at 6.6646 and also sits at the 6.6787 October 9 low.” “While the currency pair remains below the next higher November spike high at 6.7746, we will retain our medium-term bearish outlook.” 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 GBP/USD: Overbought, so what? Boris’ Brexit deal looks closer, nothing else matters Yohay Elam 2 years The USD/CNH pair is heading towards 2016 and 2017 lows and 78.6% Fibonacci retracement, which were made at 6.4437/17, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank reports. Key quotes “USD/CNH’s decline is ongoing with the currency pair sliding towards the 2016 and 2017 lows and 78.6% Fibonacci retracement at 6.4437/17. There it may at least short-term stabilise. Further down sit the May 2018 high at 6.4323 and also the February and early May 2018 highs at 6.3835/6.3774.” “Minor resistance above the 6.5971 late November high comes in between the October low and the November 12 high at 6.6274/6.6349 and… 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.
