FxWirePro: USD/CNH clears key resistance on strong dollar; further rise likely
USD/CNH likely to move higher, After four weeks of struggle, the USD/CNH exchange rate has cleared a crucial resistance, and along with also cleared a downtrend line, which gives the pair a bullish bias in the days ahead…
After four weeks of struggle, the USD/CNH exchange rate has cleared a crucial resistance, and along with also cleared a downtrend line, which gives the pair a bullish bias in the days ahead.
The chart shows that the USD/CNH exchange rate has to form at least two bullish hammer candle in the weekly chart to clear this tough hurdle.
With the resistance cleared, the next stop for the USD/CNH 6.80 area, where it should face significant selling pressure.
Trade idea:
Long USD/CNH at the current rate and at dips with an initial price target of 6.8 per USD with the stop loss around 6.7 area.
USD/CNH traders need to watch out for commentaries on trade negotiations and ride the broad-based strength in USD.
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