CNY sell-off continues on hawkish Fed and trade concerns. The USD/CNY RSI continues to report overbought conditions. The USD/CNY pair rose to 6.7398 today – the highest level since July 28, 2017. The Chinese currency continues to take a beating on trade tensions. President Donald Trump’s top economic advisor Larry Kudlow said Con Wednesday that China trade talks have stalled, triggering fears of a further escalation of a trade war between the top two economies of the world. Further, the US dollar is solid bid as the Federal Reserve Chairman Jerome Powell gave an upbeat outlook for the US economy during this testimony to Congress, reinforcing views that the Central bank is on track to steadily hike interest rates. Clearly, the rate differential is set to widen further in the CNY-negative manner (USD/CNY-positive manner). That said, a quick pullback could still happen as the 14-day relative strength index (RSI) is holding well above 70.00, signaling overbought conditions. USD/CNY Technical Levels Resistance: 6.7598 (June 30, 2017 low), 638071 (July 11, 2017 high). Support: 6.7168 (July 3 high), 6.5980 (July 10 low). 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/JPY Technical Analysis: Charting head-and-shoulders bearish reversal FX Street 5 years CNY sell-off continues on hawkish Fed and trade concerns. The USD/CNY RSI continues to report overbought conditions. The USD/CNY pair rose to 6.7398 today - the highest level since July 28, 2017. The Chinese currency continues to take a beating on trade tensions. President Donald Trump's top economic advisor Larry Kudlow said Con Wednesday that China trade talks have stalled, triggering fears of a further escalation of a trade war between the top two economies of the world. Further, the US dollar is solid bid as the Federal Reserve Chairman Jerome Powell gave an upbeat outlook… 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.
