USD/CNH Technical Analysis: Falling wedge breakout, eyes recent highs
|- The USD/CNH (offshore Yuan exchange rate) hourly chart shows a falling wedge breakout - a bullish continuation pattern, which indicates the rally from the June 14 low of 6.3828 has resumed.
- Thus, USD/CNH could revisit the recent high of 6.7329 (July 3 high).
- The breakout was triggered by escalating US-CHina trade tensions.
Hourly chart
Spot Rate: 6.6809
Daily High: 6.6916
Daily Low: 6.6455
Trend: Bullish
R1: 6.6916 (session high)
R2: 6.72 (May 2017 low)
R2: 6.7329 (recent high)
Support
S1: 6.6455 (session low)
S2: 6.5999 (previous day's low)
S3: 6.5917 (4H 100MA)
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