FxNews—The USD/CNH currency pair trades sideways between 7.27 (immediate resistance) and the 78.6% Fibonacci support level at 7.23.
USDCNH Targets 7.31 as Resistance Break Looms
From a technical perspective, the uptrend will likely resume if the USD/CNH closes and stabilizes above the immediate resistance. In this scenario, the bull market will likely resume, targeting 7.31.
Conversely, a new bearish trend will likely emerge if USD/CNH bears push the prices below the immediate support mark, the 7.23 mark. In this scenario, the currency pair could dip toward the November 7 high at 7.214.