USD/CNY Technical Analysis: Drops below 6.80, bearish RSI divergence calls for a deeper pullback
|- 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
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)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.