24 August USDCNH Technical Analysis: The bull run has resumed


What to expect from USDCNH movements today? This 24 August USDCNH Technical Analysis from OctaFX’s analysts will provide you with necessary guidance. 

24 August, OctaFX – The USDCNH pair rose above the 200-hour moving average (MA) yesterday, signaling the pullback from the Aug. 15 high of 6.9584 has ended at 0.68201 and the bull run has resumed.

24 August USDCNH Technical Analysis

The 50-hour and 100-hour MAs have regained bullish bias. Further, the pair defended the 200-hour MA a few minutes ago, reinforcing the view that the yuan (CNH) downtrend has resumed.

What bulls need now is a break above 6.8955. That would open the doors to 0.6956 (61.8% Fib R of 6.9584/6.8201).

The bullish view would be aborted if the pair finds acceptance below the 10-day MA support of 6.8704. It would also open the doors to completion of the head-and-shoulders pattern with the neckline support of 6.8229.

Hourly chart

Daily chart

Spot Rate: 6.8830

Daily High: 6.8955

Daily Low: 6.8682

Trend: Bullis above 6.8955

Resistance

R1: 6.8955 (daily high)

R2: 6.9056 (61.8% Fib)

R3: 6.9124 (Aug. 3 high)

Support

S1: 6.8703 (10-day MA)

S2: 6.8564 (5-day MA)

S3: 6.8201 (Aug. 22 low)

Disclaimer

This article about 24 August USDCNH Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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