TRENDING:

GBP/USD

XAU/USD

USD/CNY gaps higher, hits 13-month high

USD/CNY gapped higher to a hit a 13-month high of 6.8246.
PBOC set the Yuan reference rate at the weakest since July 11, 2017.

Omkar Godbole FXStreet Contributor

Currently, the USD/CNY pair is trading at 6.8165, having hit a high of 6.8246 earlier today - its highest level since June 27, 2017.

The Yuan gapped lower as the People's Bank of China (PBOC) fixed the midpoint rate at 6.7891, the weakest daily fix since July 11, 2017.

The fresh multi-month low in CNY could hurt the Aussie dollar, base metals, and Asian currencies. More importantly, the US President Trump may step up criticism of the Fed's interest rate hikes and the resulting USD strength.

The faster the CNY slides, the more likely a full-blown Sino-US currency war becomes.

USD/CNY Technical Levels

Resistance: 6.844 (June 27, 2017 high), 6.8730 (April 13 low).

Support: 6.8102 (session low), 6.7962 (previous day's high).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M		Overbought	High
1H	Bullish	Neutral	Shrinking
4H		Neutral	Low
1D		Overbought	Expanding
1W		Overbought	High
Updated Jul 24, 01:45 GMT

Author

Omkar Godbole

FXStreet Contributor

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD meets some support near 1.1670

EUR/USD further extends its bearish leg on Wednesday, coming under extra pressure and breaching below the 1.1700 level to flirt with four-week troughs in a context of marginal gains in the US Dollar ahead of the key US NFP on Friday.

GBP/USD deflates to daily lows near 1.3470

GBP/USD stays under pressure on Wednesday, dipping to fresh lows around 1.3470 and extending the pullback that began the previous session. Cable remains on the defensive, with the US Dollar nudging slightly higher in the wake of key US December data.

Gold remains offered near $4,450

Gold remains on the back foot on Wednesday, hovering around $4,450 per troy ounce after bringing a three-day rally to an end. The metal’s advance seems to have run out of steam near the $4,500 area, with a firmer US Dollar after key US data weighing on prices. Still, the downside looks limited for now, thanks to falling US Treasury yields across the curve.

XRP faces selling pressure as key on-chain metric resets and ETF inflows weaken

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.

XRP battles selling pressure as profit-taking, ETF inflows shape outlook

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2026