USD/CNH Technical Analysis: Bear flag breakdown seen in the 15-minute chart

The bear flag breakdown seen in the hourly chart of the USD/CNH pair indicates the oversold offshore yuan exchange rate (CNH) is likely to regain some poise.
The bear flag breakdown adds credence to Friday's inverted bearish hammer and the large bearish divergence of the 14-day relative strength index (RSI).

Omkar Godbole FXStreet Contributor

15-minute chart

Spot Rate: 6.8290

Daily High: 6.8551

Daily Low: 6.8237

Trend: Bearish

Resistance

R1: 6.8560 (July 27 high)

R2: 6.9124 (Friday's high)

R3: 7.00 (psychological level)

Support

S1: 6.8209 (ascending 10-day moving average)

S2: 6.7738 (July 31 low)

S3: 6.7380 (July 26 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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