- 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.
Spot Rate: 6.8867
Daily High: 6.8909
Daily Low: 6.8631
R1: 6.9015 (daily pivot resistance 2)
R2: 6.9124 (Aug. 3 high)
R3: 6.9473 (daily pivot resistance 3)
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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