The USD/CNH pair (offshore yuan exchange rate) fell 0.36 percent on Feb. 12, invalidating the bullish view put forward by the falling wedge breakout, confirmed on Feb. 4. As a result, a close above 6.8085 (Feb. 12 high) is needed to revive the bullish view. That looks likely as China’s PPI decelerated sharply in January, signaling growing pressure on the economy. So, a move above 6.8085 could yield a rally to 6.84-6.85. Validating that bullish case are the ascending 5- and 10-day moving averages (MAs), On the downside, acceptance below the ascending (bullish) 200-day MA, currently at 6.7562, would weaken the bullish case. Daily chart Trend: bullish above 6.8085 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/JPY Technical Analysis: Soft China CPI highlights 78.00 horizontal support FX Street 3 years The USD/CNH pair (offshore yuan exchange rate) fell 0.36 percent on Feb. 12, invalidating the bullish view put forward by the falling wedge breakout, confirmed on Feb. 4. As a result, a close above 6.8085 (Feb. 12 high) is needed to revive the bullish view. That looks likely as China's PPI decelerated sharply in January, signaling growing pressure on the economy. So, a move above 6.8085 could yield a rally to 6.84-6.85. Validating that bullish case are the ascending 5- and 10-day moving averages (MAs), On the downside, acceptance below the ascending (bullish) 200-day MA, currently at 6.7562, would… 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.
