Sat, Nov 27, 2021 @ 21:07 GMT
HomeContributorsTechnical AnalysisUSD/CNH 4H Chart: Short-Term Decline Expected

USD/CNH 4H Chart: Short-Term Decline Expected

Since the end of July, the USD/CNH currency pair has been depreciating, guided by a descending trend line.

From a theoretical point of view, it is likely that some downside potential could continue to prevail in the market in the medium term. In this case the exchange rate could gain support from the Fibo 61.80% at 6.6069.

If the given support level holds, it is likely that the currency pair could reverse north and target the Fibo 23.60% located at 6.9733.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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