USD/CNH breaks descending pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On March 10, the USD/CNH currency exchange rate broke the channel down pattern's resistance and confirmed the trend line as support during the next day. Since then, the pair has been fluctuating between a support zone at 6.3530/6.3590 and resistance of the 6.4000 mark. However, the 6.4000 mark was pierced once, as the pair booked a March high level at 6.4110.

If the US Dollar declines against the Chinese Yuan, the pair would have to pass the 6.3530/6.3590 zone and the 50-day simple moving average near 6.3515. Further below, take into account the 6.3400 and 6.3200 levels, before the pair reaches the 2022 low level at 6.3070.

Meanwhile, a surge of the USD against the CNH would have to first reach the 6.4000 level and the 200-day simple moving average. Higher above, the March high level at 6.4110 might once again act as resistance. In the meantime, take into account the 6.3800 level.
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