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- USD/CNH Price Analysis: The bulls are moving in on key breakout level
USD/CNH Price Analysis: The bulls are moving in on key breakout level
- USD/CNH is in a state of consolidation between the key levels.
- The price needs of break out of 6.8588 to the downside and 6.8686 to the upside.
It was stated in the prior analysis that the price could be on the verge of a move beyond support levels should the US dollar blow off to the downside. The price came up to form a peak formation and has since plummeted:
USD/CNH H1 chart, prior analysis
Ahead of the Jackson Hole, it was stated that there was time for moves in the markets and a break below 6.8485 could have been a significant turning point in the currency. 6.8600 was marked as a near-term key level on the break of trendline support.
USD/CNH live H1 chart
The bulls have moved back in and the key structure levels are marked on the hourly chart above. 6.8588 to the downside is key while 6.8686 to the upside guards a break and restest of recent highs.
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