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  • The US President Trump on Monday said that he would slap tariffs on all remaining Chinese imports if negotiations with Xi-Jinping fail to produce a US-China trade deal. Still, the USD/CNH is struggling to move past the upper edge of the symmetrical triangle resistance.
  • The bullish breakout, however, could happen today if Fed’s Powell boosts bets of an extended Fed tightening cycle. The central bank chief is scheduled to speak today at 17:00 GMT. A bull breakout, if confirmed, would open the doors for a test of major psychological resistance of 7.00.
  • The lower end of the symmetrical triangle could be put to test if Powell puts more emphasis on the rising risks to the US economy and the US third-quarter GDP is revised lower.

Daily Chart

Trend: Neutral

USD/CNH

Overview:
       Today Last Price:  6.9507
       Today Daily change:  -46  pips
       Today Daily change %:  -0.0661%
       Today Daily Open:  6.9553
Trends:
       Previous Daily SMA20:  6.9344
       Previous Daily SMA50:  6.9186
       Previous Daily SMA100:  6.8727
       Previous Daily SMA200:  6.6255
Levels:
       Previous Daily High:  6.958
       Previous Daily Low:  6.9328
       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%:  6.9483
       Previous Daily Fibonacci 61.8%:  6.9424
       Previous Daily Pivot Point S1:  6.9394
       Previous Daily Pivot Point S2:  6.9235
       Previous Daily Pivot Point S3:  6.9142
       Previous Daily Pivot Point R1:  6.9646
       Previous Daily Pivot Point R2:  6.9739
       Previous Daily Pivot Point R3:  6.9898