USD/CNH’s daily chart shows a head-and-shoulders breakdown. The bearish reversal pattern has created room for a drop to 6.95. USD/CNH, which represents China’s offshore Yuan exchange rate, is currently trading at 7.0661, representing marginal losses on the day. The CNH is looking to gain ground, as the People’s Bank of China (PBOC) kept the one-year loan prime rate at 4.20%, disappointing expectations for a cut to 4.15%. The daily chart is reporting a head-and-shoulders breakdown – a bearish reversal pattern. The 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print. The pair, therefore, risks falling to support at 7.0309 (Sept. 13 low). Note that the head-and-shoulders breakdown has opened doors for 6.96 (target as per the measured move method). The bearish case would be invalidated if the spot rises above a bearish lower high of 7.1125 created on Oct. 16. 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 China’s State Planner: Claims of sharp economic slowdown are baseless FX Street 3 years USD/CNH's daily chart shows a head-and-shoulders breakdown. The bearish reversal pattern has created room for a drop to 6.95. USD/CNH, which represents China's offshore Yuan exchange rate, is currently trading at 7.0661, representing marginal losses on the day. The CNH is looking to gain ground, as the People's Bank of China (PBOC) kept the one-year loan prime rate at 4.20%, disappointing expectations for a cut to 4.15%. The daily chart is reporting a head-and-shoulders breakdown - a bearish reversal pattern. The 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print. The pair, therefore, risks… 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.
