USD/CNH Technical Analysis: Bear flag breakdown seen in the 15-minute chart
|- The bear flag breakdown seen in the hourly chart of the USD/CNH pair indicates the oversold offshore yuan exchange rate (CNH) is likely to regain some poise.
- The bear flag breakdown adds credence to Friday's inverted bearish hammer and the large bearish divergence of the 14-day relative strength index (RSI).
15-minute chart
Spot Rate: 6.8290
Daily High: 6.8551
Daily Low: 6.8237
Trend: Bearish
R1: 6.8560 (July 27 high)
R2: 6.9124 (Friday's high)
R3: 7.00 (psychological level)
Support
S1: 6.8209 (ascending 10-day moving average)
S2: 6.7738 (July 31 low)
S3: 6.7380 (July 26 low)
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