USD/CNH Price Analysis: Bears moving into the driving seat?

USD/CNH bears stepping to the plate for another attempt at the downside.
Bears will need to see the four-hour structure taken out first.

Ross J Burland FXStreet

USD/CNH has been in the hands of the bulls on the correction of the bearish trend but the tables could be about to turn.

The following is an analysis of the daily chart and the 4-hour structure where support could be the last stop before a significant downside move.

Daily chart

The daily chart offers a bearish bias in what would be a continuation of the downside following a deep correction to the 61.8% Fibonacci retracement level.

Cementing the bearish conviction is the completion of the M-formation where the price would be expected to be resisted at the neck line of the pattern.

4-hour chart

There is still some work to do from the bears yet.

There is the prospect of an upside continuation from current support. However, a break there will likely see the price continue t the downside following a restest of the old support, aka, new resistance.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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