Home USD/CNY Technical Analysis: Drops below 6.80, bearish RSI divergence calls for a deeper pullback

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USD/CNY Technical Analysis: Drops below 6.80, bearish RSI divergence calls for a deeper pullback

FX Street

Updated: 1 Aug. 2018 | 04:17

The USD/CNY pair fell below 6.80 and could suffer deeper losses, courtesy of the large bearish relative strength index (RSI) divergence seen in the daily chart.
An uptick in the CNY could put a bid under the AUD, other China proxies, commodities.

Daily chart

Spot Rate: 6.7935

Daily High: 6.8222

Daily Low: 6.7885

Trend: Bearish

Resistance

R1: 6.8222 (daily high)

R2: 6.8389 (July 30 high)

R3: 6.8440 (July 2017 high)

Support

S1: 6.7891 (10-day moving average)

S2: 6.7360 (July 26 low)

S3: 6.7168 (July 3 high)

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