USD/CNH 1D Chart: Сhannel Up

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

Two weeks ago the US Dollar found support against the Chinese Yuan. As a result a surge has begun, which seems to be occurring in a channel up pattern. Although in the case of the USD/CNH pair it might be more productive to watch the Fibonacci retracement levels of the 2016 high and low levels. The most significant moves have been caused by the pair meeting one of the retracement levels. In most cases the Fibonacci retracement levels have shown historically enough strength to reverse the direction of the currency exchange rate. Due to that reason the 38.20% retracement at 6.7830 and the 23.60% level at 6.8614 both should be watched closely.

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