Wednesday’s bearish outside bar candle indicates USD/CNH is heading south. The daily chart also shows a head-and-shoulders breakdown. USD/CNH is operating on slippery grounds and could drop to the 50-day moving average (MA) support at 7.0166 in the short term, technical charts indicate. The currency pair formed a bearish outside bar candle on Wednesday, signaling the path of least resistance is to the downside. Further, the pair faced rejection at the head-and-shoulders neckline resistance on Wednesday, reinforcing the bearish view put forward by the breakdown confirmed on Oct. 18. The 14-day relative strength index (RSI) is also reporting bearish conditions with a below-50 print. The stage, therefore, looks set for a slide to the 50-day support. The bearish case would be invalidated if the spot rises above Wednesday’s high of 7.0855. Daily chart Trend: Bearish Technical analysis 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 Moody’s affirms Japan’s A1 rating, stable outlook FX Street 3 years Wednesday's bearish outside bar candle indicates USD/CNH is heading south. The daily chart also shows a head-and-shoulders breakdown. USD/CNH is operating on slippery grounds and could drop to the 50-day moving average (MA) support at 7.0166 in the short term, technical charts indicate. The currency pair formed a bearish outside bar candle on Wednesday, signaling the path of least resistance is to the downside. Further, the pair faced rejection at the head-and-shoulders neckline resistance on Wednesday, reinforcing the bearish view put forward by the breakdown confirmed on Oct. 18. The 14-day relative strength index (RSI)… 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.
