USD/CNH rises to the highest level since Aug. 13, validating Thursday’s falling channel breakout. The 4-hour chart indicators are reporting bullish conditions, however, the daily chart MACD has turned bearish. USD/CNH is currently trading at 7.0963, having hit a high of 7.1066 a few minutes before time. That was the highest level since Aug. 13. The pair is better bid a day after witnessing a falling channel breakout and could challenge resistance at 7.1122(Aug. 12 high) during the day ahead. A break above that level would only bolster the bullish case and open the doors for 7.1396 (Aug. 5 high). Supporting the bullish case is the above-50 reading on the 4-hour chart relative strength index. Further, the moving average convergence divergence is hovering in positive territory, signaling bull market conditions. Even so, the bulls need to observe caution, as the daily chart MACD has turned bearish and the pair could drop sharply to 6.92 if the falling channel breakout on the 4-hour chart fails. 4-hour chart Daily chart Trend: Cautiously bullish 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 Fed’s Kaplan: Sees potential for a Fed rate cut at the September FOMC meeting FX Street 4 years USD/CNH rises to the highest level since Aug. 13, validating Thursday's falling channel breakout. The 4-hour chart indicators are reporting bullish conditions, however, the daily chart MACD has turned bearish. USD/CNH is currently trading at 7.0963, having hit a high of 7.1066 a few minutes before time. That was the highest level since Aug. 13. The pair is better bid a day after witnessing a falling channel breakout and could challenge resistance at 7.1122(Aug. 12 high) during the day ahead. A break above that level would only bolster the bullish case and open the doors for 7.1396 (Aug. 5 high).… 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.
