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TECHS: USDCNH Impulsive Rally Extends

CNH

USDCNH continues to rally, as the pair extends this week’s strong impulsive gains.

  • The break of resistance at 6.4108 on Tuesday, Mar 15 high, confirms a bullish trend structure on the daily chart. The rally has also confirmed a positive price sequence of higher highs and higher lows, reinforcing the importance of the reversal that occurred on Feb 24.
  • Price is approaching 6.5287, the Jul 27 2021 high. A break of this level would open 6.5500.
  • Initial firm support is seen at 6.4108, this week’s key breakout level. Today’s intraday low of 6.4719 is the first support.

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