USD/CNH’s daily chart shows a head-and-shoulders breakdown. The pair risks falling below 7.00 in the short term. The USD/CNH pair is currently trading largely unchanged on the day at 7.0672, having dropped for the fourth consecutive day on Monday. Notably, Monday’s close at 7.0670 confirmed a head-and-shoulders breakdown on the daily chart. The bearish reversal pattern suggests scope for a drop to 6.95 (target as per the measured move method). The breakdown is backed by a below-50 reading on the 14-day relative strength index (RSI). Further, the daily MACD histogram is charting deeper bars below the zero line – a sign of strengthening bearish momentum. Even so, the pair is flashing green at press time and may revisit levels above the former support-turned-resistance of the neckline at 7.0750 before falling below 7.00, as suggested by the head-and-shoulders breakdown. Markets often crowd out weak hands (bears) after a major breakdown. Daily chart Trend: Bearish Technical levels 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 Bitcoin price prediction: BTC/USD must overcome resistance at $8,485 to re-enter $8,500 zone FX Street 4 years USD/CNH's daily chart shows a head-and-shoulders breakdown. The pair risks falling below 7.00 in the short term. The USD/CNH pair is currently trading largely unchanged on the day at 7.0672, having dropped for the fourth consecutive day on Monday. Notably, Monday's close at 7.0670 confirmed a head-and-shoulders breakdown on the daily chart. The bearish reversal pattern suggests scope for a drop to 6.95 (target as per the measured move method). The breakdown is backed by a below-50 reading on the 14-day relative strength index (RSI). Further, the daily MACD histogram is charting deeper bars below the zero line -… 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.
