USD/CNH Technical Analysis: Focus Shifts to 6.7000 After Finding Support

Talking Points:

- USD/CNH broke above 6.6500 and held the level on a retest

- Focus might shift to the 6.7 handle next

- Another Break higher might be required for bulls to really show strength

Showcase your trading skills against your peers in FXCM's $10,000 Monthly Challenge Here, but learn good trading habits with the “Traits of successful traders” series

The US Dollar is trading higher versus the Chinese Yuan in offshore trade, after the pair managed to hold above the 6.6500 level as support on a retest.

The hold above 6.6500 seems likely to shift focus to intermediate resistance at 6.6860 followed by the 6.7 figure.

A break and hold above those recent highs may be required for bulls to really take control again.

A move to the downside may target the 6.6500 level again, followed by the July lows at 6.6224.

USD/CNH Daily Chart: August 24, 2016

--- Written by Oded Shimoni, Junior Currency Analyst for DailyFX.com

To contact Oded Shimoni, e-mail oshimoni@dailyfx.com

Follow him on Twitter at @OdedShimoni

USD/CNH Technical Analysis: Focus Shifts to 6.7000 After Finding Support
USD/CNH Technical Analysis: Focus Shifts to 6.7000 After Finding Support
https://rss.dailyfx.com/feeds/technical_analysis