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TECHS: USDCNY Trades Through Long-Term Trendline

CNY

USDCNY bearish pressure continues to dominate and the downtrend has resumed again today.

  • The pair, as highlighted earlier this morning, is flirting with long-term trendline support drawn off the Jan 14, 2014 low.
  • The trendline intersects at 6.3960 today and currently the pair is trading below the line.
  • The move lower reinforces underlying bearish conditions and despite being in oversold territory signals scope for further Yuan appreciation.
  • Key levels to watch:
    • SUPP 1: 6.3871 - Low Jun 6, 2018
    • SUPP 2: 6.3554 - Low May 17, 2018
    • SUPP 3: 6.3292, Low May 11, 2018 and a key support
    • Key resistance has been defined at 6.4579, May 13 high where a break is required to ease bearish pressure.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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