The offshore Yuan is under pressure as of writing, as the US tariffs on Chinese imports are set to take effect at 0401 GMT. The hourly chart shows USD/CNH has created a bear flag – a bearish continuation pattern, meaning a break below 6.6475 (flag support) would signal a resumption of the sell-off from the recent high of 6.7329 and open up downside towards 6.5621 (target as per the measured height method). The bear flag breakdown would also add credence to extreme overbought conditions as highlighted by the 14-day relative strength index (RSI). Hourly chart Spot Rate: 6.6670 Daily High: 6.6695 Daily Low: 6.6514 Trend: Downside break of the bear flag would be bearish Resistance R1: 6.6726 (hourly chart hurdle) R2: 6.6952 (July 2 high) R3: 6.7329 (July 3 high) Support S1: 6.6475 (bear flag support) S2: 6.6323 (200-hour moving average) S3: 6.60 (psychological support) 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 Oil softening with WTI backing away from multi-year highs over $75.00 FX Street 3 years The offshore Yuan is under pressure as of writing, as the US tariffs on Chinese imports are set to take effect at 0401 GMT. The hourly chart shows USD/CNH has created a bear flag - a bearish continuation pattern, meaning a break below 6.6475 (flag support) would signal a resumption of the sell-off from the recent high of 6.7329 and open up downside towards 6.5621 (target as per the measured height method). The bear flag breakdown would also add credence to extreme overbought conditions as highlighted by the 14-day relative strength index (RSI). Hourly chart Spot Rate: 6.6670 Daily High:… Top 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.
