- Sustained trading beyond June month high propels USD/CNH towards late-2018 tops.
- Overbought RSI flashes red signals for buyers.
Sustained break of June month high currently propels the USD/CNH pair that takes the bids to 6.9682 on early Friday.
November 2018 high near 6.9800 becomes the first resistance on sight of the bulls during the pair’s sustained run-up whereas January 2017 top surrounding 6.9876 could be on their radar afterward.
In a case where prices manage to remain strong beyond 6.9900, buyers can target for 0.7000 psychological magnet.
If at all overbought levels of 14-day relative strength index (RSI) play their role, June month high around 6.9625 and May’s highest level of 6.9492 can offer immediate supports to the pair.
Additionally, early-July high near 6.9000 and 4.5-month-old ascending trend-line close to 6.8800 should be watched closely during pair’s further declines below 6.9492.
USD/CNH technical analysis
Trend: Bullish
Share
