USD/CNH declines in a pattern

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


Since July, the US Dollar has been declining against the Chinese Yuan. Since the July high, the rate has 3.14% or 2053 base points. Recently, the pair booked a low level at 6.3260, before the US Federal Reserve reveled that it would end monetary stimulus. This resulted in a surge to the 50-day simple moving average at 6.3700.

If the 50-day simple moving averages provides resistance and causes a decline, the pair would most likely decline to the previous low level at 6.3260, which could act as support. Further below, the 6.3000 mark might stop a decline, before the rate reaches the lower trend line of the channel down pattern.

On the other hand, a passing above the 50-day simple moving average would face the resistance line of the channel down pattern. Above the trend line, note the 6.400 mark and the 200-day simple moving average near 6.4260.
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