USD/CNH’s 4-hour chart shows a rising wedge pattern. A breakdown would imply a bearish reversal and open the doors for 6.95. China’s offshore Yuan (CNH) exchange rate could gain altitude as the USD/CNH’s 4-hour chart shows the pair has formed a bearish pattern. The bounce from recent lows near 6.95 has taken the shape of a rising wedge, which comprises of trendlines connecting higher lows and higher highs. The trendlines, however, are converging – a sign of buyer exhaustion. As a result, a drop below the lower trendline (rising wedge breakdown) is considered a bearish reversal pattern. Currently, the pair is trading around the rising wedge support at 7.03. A breakdown, if confirmed, would open the doors for a retest of a recent low of 6.95. On the way lower, the pair may find support at 7.00. 4-hour 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 Japan Econ Min: Global economy as a whole remains in a global recovery FX Street 3 years USD/CNH's 4-hour chart shows a rising wedge pattern. A breakdown would imply a bearish reversal and open the doors for 6.95. China's offshore Yuan (CNH) exchange rate could gain altitude as the USD/CNH's 4-hour chart shows the pair has formed a bearish pattern. The bounce from recent lows near 6.95 has taken the shape of a rising wedge, which comprises of trendlines connecting higher lows and higher highs. The trendlines, however, are converging - a sign of buyer exhaustion. As a result, a drop below the lower trendline (rising wedge breakdown) is considered a bearish reversal pattern. Currently, the… 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.
