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  • The USD/CNH pair created a bearish outside-day candle yesterday as the greenback fell on renewed hopes for US-China trade talks.
  • A close today below yesterday’s low of 6.8269 would validate the bearish outside-day and open doors for a deeper pullback in the USD/CNY pair.
  • The hourly chart shows a rising wedge breakdown, meaning the prospects of a close below 6.8269 are high.
  • On the higher side, a move above 6.8891 (previous day’s high) will likely put the bulls back in the commanding position.

Daily Chart

Hourly Chart

Spot Rate:6.8380

Daily High: 6.8401

Daily Low: 6.8275

Trend: Bearish

Resistance

R1: 6.8399 (200-hour moving average)

R2: 6.8721 (support as per the hourly chart)

R3: 6.8891 (yesterday’s high)

Support

S1: 6.8269 (yesterday’s low)

S2: 6.8114 (50-day moving average)

S3: 6.7813 (Aug. 27 low)

Expert score

5

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