The repeated failure to hold on to gains above 6.84, as seen in the hourly chart, could be an indication the USD/CNH bulls are likely running dry. The signs of bullish exhaustion only validate the large bearish relative strength index (RSI) seen in the daily chart. As a result, a pullback to levels below 6.80 could be on the cards and could happen today as the PBOC announced a stronger daily CNY fix. Hourly chart Spot Rate: 6.8220 Daily High: 6.8348 Daily Low: 6.8156 Trend: Bullish exhaustion Resistance R1: 6.84569 (previous day’s high) R2: 6.8560 (July 27 high) R3: 6.8810 (upper Bollinger band) Support S1: 6.80 (previous day’s low) S2: 6.7737 (Tuesday’s low) S3: 6.7527 (20-day moving average) 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 BoJ’s Amamiya: It has become difficult to hit 2% inflation by fiscal 2020 FX Street 5 years The repeated failure to hold on to gains above 6.84, as seen in the hourly chart, could be an indication the USD/CNH bulls are likely running dry. The signs of bullish exhaustion only validate the large bearish relative strength index (RSI) seen in the daily chart. As a result, a pullback to levels below 6.80 could be on the cards and could happen today as the PBOC announced a stronger daily CNY fix. Hourly chart Spot Rate: 6.8220 Daily High: 6.8348 Daily Low: 6.8156 Trend: Bullish exhaustion Resistance R1: 6.84569 (previous day's high) R2: 6.8560 (July 27 high) R3: 6.8810… 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.
