Trapped in a symmetrical triangle or a narrowing price range, the USD/CNH is currently lacking a clear direction. The pair, however, may pick up a strong bid and rise through the upper edge of the triangle, confirming a bull breakout if the Fed policymakers, scheduled to speak this week, put more emphasis on the need for an above-neutral rate policy. Daily chart As seen above, the triangle resistance is currently located at 6.9575 and the support is seen at 6.9262. A bull breakout, if confirmed, would signal a resumption of the rally and allow a test of the major psychological hurdle of 7.00. The 14-day relative strength index (RSI) of 55 indicates there is plenty of room to rally after the bull breakout. A triangle breakout, however, would validate the bearish divergence of the 14-week RSI and open the doors to a deeper pullback 6.80. USD/CNH Overview:     Today Last Price:  6.9476     Today Daily change:  74  pips     Today Daily change %:  0.107%     Today Daily Open:  6.9402 Trends:     Previous Daily SMA20:  6.9351     Previous Daily SMA50:  6.9167     Previous Daily SMA100:  6.8697     Previous Daily SMA200:  6.6222 Levels:     Previous Daily High:  6.948     Previous Daily Low:  6.9306     Previous Weekly High:  6.9504     Previous Weekly Low:  6.9191     Previous Monthly High:  6.9798     Previous Monthly Low:  6.8674     Previous Daily Fibonacci 38.2%:  6.9372     Previous Daily Fibonacci 61.8%:  6.9414     Previous Daily Pivot Point S1:  6.9312     Previous Daily Pivot Point S2:  6.9222     Previous Daily Pivot Point S3:  6.9138     Previous Daily Pivot Point R1:  6.9486     Previous Daily Pivot Point R2:  6.957     Previous Daily Pivot Point R3:  6.966  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 Brexiteers ‘will back PM May’s deal if she says when she’s quitting’- The UK Times FX Street 4 years Trapped in a symmetrical triangle or a narrowing price range, the USD/CNH is currently lacking a clear direction. The pair, however, may pick up a strong bid and rise through the upper edge of the triangle, confirming a bull breakout if the Fed policymakers, scheduled to speak this week, put more emphasis on the need for an above-neutral rate policy. Daily chart As seen above, the triangle resistance is currently located at 6.9575 and the support is seen at 6.9262. A bull breakout, if confirmed, would signal a resumption of the rally and allow a test of the major psychological… 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.
