USD/CNH has breached key hourly chart support at 7.1394. Offshore Yuan (CNH) is likely cheering renewed optimism on the trade front. The US and China have reportedly decided to resume trade talks in October. USD/CNH (offshore Yuan exchange rate) fell from 7.1499 to 7.1204 on renewed optimism for US-China trade deal. More importantly, the pair has found acceptance under the support at 7.1394, as seen on the hourly chart. The breakdown of key support is backed by a bearish divergence of the daily chart relative strength index. Also, the moving average convergence divergence histogram has crossed below zero, signaling a short-term bearish reversal. However, a drop to the 21-day moving average (MA) support at 7.1085 may not happen immediately, as the hourly chart RSI is reporting oversold conditions. That said, the bearish view would be invalidated only above 7.1773 (Wednesday’s high). As of writing, the pair is trading at 7.13097, representing 0.21% losses on the day. Daily chart Hourly chart Trend: Cautiously bearish Pivot points 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 Ethereum market update: ETH/USD is eying these levels towards $300 FX Street 4 years USD/CNH has breached key hourly chart support at 7.1394. Offshore Yuan (CNH) is likely cheering renewed optimism on the trade front. The US and China have reportedly decided to resume trade talks in October. USD/CNH (offshore Yuan exchange rate) fell from 7.1499 to 7.1204 on renewed optimism for US-China trade deal. More importantly, the pair has found acceptance under the support at 7.1394, as seen on the hourly chart. The breakdown of key support is backed by a bearish divergence of the daily chart relative strength index. Also, the moving average convergence divergence histogram has crossed below zero, signaling a… 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.
