Dukascopy
Long

USD/CNH 1H Chart: Breakout from junior channel

FX_IDC:USDCNH   U.S. DOLLAR / OFFSHORE CHINESE YUAN
A channel down has confined USD/CNH             for the last three months, while a junior channel was formed a four weeks ago. As apparent on the chart, the US Dollar             tested the 6.2815 mark yesterday - its lowest level since mid-2015. The upper boundary of the junior formation was breached on the same day.

The Greenback has since retraced from this line and remained stranded between the weekly PP             and S1 Technical indicators are still in favour of another decline, given that the northern barrier is set by the 55-, 100– and 200-hour SMAs and the weekly PP             circa 6.31.

However, the US Dollar             should gain strength within the following days, breach this area and eventually get ready for a medium-term advance towards the senior channel located in the 6.38/42 area.
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