Currency pair US Dollar to Chinese Yuan USD/CNH continues to move within the bullish trend. At the time of publication of the forecast, the US Dollar to the Chinese Yuan is 6.89. At the moment, we should expect a test of the lower border of the channel near the area of 6.83, then a rebound and the continued growth of USD/CNH quotations to the area above the level of 7.06.
USD/CNH forecast Chinese Yuan August 17, 2018
In favor of the pair’s growth, the US Dollar will perform a test of the support line on the indicator of relative strength index (RSI). Canceling the growth of the USD/CNH pair on Forex will be a strong fall and breakdown of the area of 6.78, which will indicate the breakdown of the lower border of the rising channel and the continued decline in the quotations of the currency pair into the area below the level of 6.65. To expect confirmation of the growth of USD/CNH quotes stands with the breakdown of the resistance area and the closing above the level of 6.97.
USD/CNH forecast Chinese Yuan August 17, 2018 suggests an attempt to test the bottom of the uplink near the level of 6.83, from which it is expected to rebound and continue the growth of the currency pair with a potential target at 7.06, the reversal of the growth scenario will make a strong fall and breakdown of the area 6.78.