USD/CNH Technical Analysis: Lower highs favor downside move

The USD/CNH pair could feel the pull of gravity over the next few days, having created another lower high of 6.8755 on the daily chart.
A similar sentiment is echoed by the descending triangle breakdown seen in the hourly chart.
The intraday outlook would turn bullish if the pair finds acceptance above 6.8527 (lower high).

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 6.8289

Daily High: 6.8411

Daily Low: 6.8214

Trend: Bearish

Resistance

R1: 6.8411 (session high)

R2: 6.8584 (Sep. 2 high)

R3: 6.8755 (Aug. 30 high)

Support

S1: 6.8207 (Aug. 21 low)

S2: 6.7820 (50-day MA)

S3: 6.7810 (Aug. 27 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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