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USD/CNH Pierces Key Near-Term Layers Of Support

CNH

USD/CNH has traded lower today and breached a number of key near-term support levels.

  • 6.3525, the May 31 low has been breached and this represents an important technical break.
  • It confirms a resumption of the broader downtrend that started in May 2020 and also signals the possible end of a broad sideways move that has dominated this year’s activity.
  • Attention is on 6.3491, 0.764 projection of the Apr - May - Jul price swing. Further out, there is scope for weakness towards 6.3198, lows dating back to mid-May 2018.
  • Firm resistance has been defined at 6.3798, the Dec 3 high.
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