USD/CNH Technical Analysis: Bulls in control

  • The falling wedge breakout and the higher lows and higher highs pattern in the USD/CNH hourly chart indicates the bulls are in control and the pair could rise to the recent high of 6.9124.
  • A violation of the rising trendline would abort the immediate bullish view.

Hourly chart

Spot Rate: 6.8867

Daily High: 6.8909

Daily Low: 6.8631

Trend: Bullish

Resistance

R1: 6.9015 (daily pivot resistance 2)

R2: 6.9124 (Aug. 3 high)

R3: 6.9473 (daily pivot resistance 3)

Support

S1: 6.8835 (daily pivot resistance 1 turned support)

S2: 6.8643 (rising trendline support)

S3: 6.8473 (50-hour moving average)

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