USD/CNH jumped 0.33 percent yesterday – the biggest single-day gain since Feb. 1 – having witnessed a descending triangle breakout on the hourly chart earlier this week. Further, the 4-hour chart shows a falling wedge breakout – a bullish reversal pattern. What’s more, the pair has faded the drop below the 50-week MA, validating the long-term bullish setup indicated by that upward sloping average. While the immediate bearish case looks to have weakened, a bearish-to-bullish trend change would be confirmed after the pair violated the bearish lower high pattern with a move above 6.80. Hourly Chart 4-hour Chart Weekly chart Trend: Neutral, oversold bounce underway 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 AUD/USD Technical Analysis: Break of 8-week old support-line can recall 0.7055 and 0.7030 FX Street 4 years USD/CNH jumped 0.33 percent yesterday - the biggest single-day gain since Feb. 1 - having witnessed a descending triangle breakout on the hourly chart earlier this week. Further, the 4-hour chart shows a falling wedge breakout - a bullish reversal pattern. What's more, the pair has faded the drop below the 50-week MA, validating the long-term bullish setup indicated by that upward sloping average. While the immediate bearish case looks to have weakened, a bearish-to-bullish trend change would be confirmed after the pair violated the bearish lower high pattern with a move above 6.80. Hourly Chart… 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.
