USD/CNH Technical Analysis: Bullish case strengthens on falling wedge breakout
|- The falling wedge breakout seen in the USD/CNH hourly chart indicates the pullback from Friday's high of 6.9761 has likely ended at 6.9471 and the bulls have regained control.
- The bullish breakout on the hourly chart also validates the ascending (bullish) 5-day and 10-day exponential moving averages (EMAs).
- The pair could soon re-test Friday's high of 6.9761 and may rose even further toward 7.00 in the next few days.
Hourly Chart
Spot Rate: 6.9624
Daily High: 6.9630
Daily Low: 6.9495
Trend: Bullish
R1: 6.9761
R2: 6.9861 (December high)
R3: 7.00 (psychological hurdle)
Support
S1: 6.9556 (50-hour EMA)
S2: 6.9471 (Friday's low)
S3: 6.9430 (200-hour EMA)
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