USD/CNY trades at 7.068, showing no changes on a day, and the key support at 7.0519/0459 is still pressured. The Credit Suisse analyst team expects a close below the mentioned support to unfold a deeper move lower which could send the pair below the 7.00 level. Key quotes “USD/CNY remains rangebound near term as the market continues to pressure against the key support at 7.0519/0459 – the late April and current June lows, 38.2% retracement of the rally from January and 200-day average.” “With daily RSI momentum maintaining a top and weekly MACD momentum also turning lower, the 7.0519/0459 support is seen at risk and a closing break would see a price top established to warn of a more important move lower, with support then seen next at 7.0298, ahead of 7.0091 and then the medium-term uptrend from the 2018 low and 61.8% retracement at 6.9868/9693.” “Resistance at 7.0982 needs to cap to keep the immediate risk lower.” 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 EUR/USD to recover from the 1.1172 Fibonacci support – Commerzbank FX Street 2 years USD/CNY trades at 7.068, showing no changes on a day, and the key support at 7.0519/0459 is still pressured. The Credit Suisse analyst team expects a close below the mentioned support to unfold a deeper move lower which could send the pair below the 7.00 level. Key quotes “USD/CNY remains rangebound near term as the market continues to pressure against the key support at 7.0519/0459 – the late April and current June lows, 38.2% retracement of the rally from January and 200-day average.” “With daily RSI momentum maintaining a top and weekly MACD momentum also turning lower, the 7.0519/0459 support is… 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.
