The USD/CNH hourly chart shows a pennant pattern.. An upside breakout would mean continuation of the rally (or sell-off in offshore Yuan exchange rate) and would allow a break above the recent high of 6.7292. A technical correction would gather pace if the pennant is breached to the downside. This scenario is likely as the daily RSI is flashing overbought conditions. Hourly chart Spot Rate: 6.6982 Daily High: 6.7043 Daily Low: 6.6933 Trend: Depends on the direction of pennant breakout Resistance R1: 6.7292 (July 12 high) R2: 6.7329 (July 3 high) R3: 6.78 (Dec 2016 low) Support S1: 6.6741 (10-day MA) S2: 6.65 (23.6% Fib R of June 14 low-July 14 high) S3: 6.59 (July 10 low) 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 Gold review: risk reversals hit 6.5-month low ahead of Powell testimony FX Street 5 years The USD/CNH hourly chart shows a pennant pattern.. An upside breakout would mean continuation of the rally (or sell-off in offshore Yuan exchange rate) and would allow a break above the recent high of 6.7292. A technical correction would gather pace if the pennant is breached to the downside. This scenario is likely as the daily RSI is flashing overbought conditions. Hourly chart Spot Rate: 6.6982 Daily High: 6.7043 Daily Low: 6.6933 Trend: Depends on the direction of pennant breakout Resistance R1: 6.7292 (July 12 high) R2: 6.7329 (July 3 high) R3: 6.78 (Dec 2016 low) Support S1: 6.6741 (10-day… 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.
