USD/CNH struggles to break above hourly 200-MA

Omkar Godbole FXStreet Contributor

USD/CNH is struggling to break above the 1-hour 200-MA level of 6.9082 this Wednesday morning following a three-day winning streak.

Eyes Trump speech

China’s currency policy has been a sore point with the incoming US President Donald Trump. He has repeatedly called out China for artificially lowering its exchange rate.

Trump’s anti-China picks have also heightened the odds of a trade war/protectionism.

Consequently, the Yuan traders and FX traders in general would watch Trump’s speech due later today for more insights into what the President Elect plans to do with China.

USD/CNH Technical Levels

The USD/CNH pair (offshore Yuan) was last seen trading around 6.9070. An hourly close above 6.9082 (1-hour 200-MA) would open the doors to 6.9144 (session high) and then to 6.9209 (Dec 21 low). On the other hand, a breakdown of support at 6.90 (zero figure) would expose 6.8911 (50-DMA) and 6.8551 (Dec 5 low).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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