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  • The bearish divergence of the daily relative strength index (RSI) indicates the USD/CNH (offshore yuan) could fall back to expanding channel support seen in the hourly chart 6.7275.
  • On the other hand, a bullish breakout would signal a continuation of the rally from the July low of 6.5999 and would open the doors to 7.00.

Hourly chart

Spot Rate: 6.8444

Daily High: 6.8495

Daily Low: 6.8146

Trend: Cautiously bearish


R1: 6.860 (last week’s high)

R2: 6.9169 (June 2017 high)

R3: 6.9313 (April 2017 high)


S1: 6.8146 (session low)

S2: 6.7608 (5-week moving average)

S3: 6.7275 (expanding channel support)