The USD/CNH pair pauses its five-day winning streak, trading around 7.3570. A potential downward correction is signaled by the 14-day RSI indicating an overbought condition. The pair faces resistance at 7.3600 and 7.4000, with support at the nine-day EMA of 7.3346. A break above the rising wedge could strengthen the bullish bias, while a break below could weaken momentum and target 7.2000.
USD/CNH may correct downwards as the 14-day RSI indicates an overbought condition. The primary barrier appears at the 7.3600, followed by the rising wedge’s upper slope around the 7.4000 level. The pair may test primary support at the nine-day EMA of 7.3346 level. The USD/CNH pair halts its five-day winning streak, trading around 7.3570 during the Asian hours on Monday.
The USD/CNH pair could find primary resistance at the psychological level of 7.3600 level, followed by the upper slope of the rising wedge around the 7.4000 level. A break above the rising wedge could strengthen the bullish bias and support the pair to continue its rally toward the major level of 7.5000. On the downside, the USD/CNH pair may initially test the nine-day Exponential Moving Average at 7.3346 level, followed by the rising wedge’s lower slope around 7.
USD/CNH Forex Technical Analysis RSI Overbought
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CNH: Risks are skewed to the downsideUSD/CNH continued to drift lower, thanks to recent news from politburo about ramping up support and also taking cues from daily fixing guidance.
Read more »
USD/CNH: Under mild downward pressureUS Dollar (USD) is under mild downward pressure; it could edge lower to 7.2540.
Read more »
USD/CNH: To trade between 7.2400 and 7.2900US Dollar (USD) could test the 7.2400 level before a more sustained rebound is likely.
Read more »
USD/CNH drops to around 7.2650 as Chinese media reports Yuan to remain stableUSD/CNH retraces its recent gains from the previous session, trading around 7.2660 during the Asian hours on Thursday.
Read more »
USD/CNH: 2-day CEWC meeting wraps up todayUSD/CNH rose yesterday after a Reuters report said that China’s top leaders and policymakers are considering allowing the RMB to weaken in 2025 as they brace for tariffs.
Read more »
USD/CNH: To trade between 7.2500 and 7.2900US Dollar (USD) could trade in a range, most likely between 7.2500 and 7.2900.
Read more »