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USD/CNH Technical Analysis: teasing a bear flag breakdown on 15-minute chart

The CNH or the offshore yuan could stay better bid in the next hour or two as the USD/CNH's 15-minute chart is showing a bear flag breakdown - a bearish continuation pattern.

15-minute chart

  • The flag breakdown has opened the doors to 6.8719 (target as per the measured move method, that is, pole height subtracted from the breakdown price. Interestingly, a similar bearish pattern is also seen on the RSI. Further, the markets are likely to offer us dollars in the run-up to the FOMC rate decision, as the US central bank is expected to sound dovish. So, a drop to 6.8719 is likely to happen in the next few hours as hinted by the flag breakdown. 

Trend: Bearish

USD/CNH

Overview:
    Today Last Price: 6.8882
    Today Daily change: -16 pips
    Today Daily change %: -0.0232%
    Today Daily Open: 6.8898
Trends:
    Previous Daily SMA20: 6.9061
    Previous Daily SMA50: 6.9232
    Previous Daily SMA100: 6.8919
    Previous Daily SMA200: 6.6681
Levels:
    Previous Daily High: 6.9014
    Previous Daily Low: 6.8872
    Previous Weekly High: 6.9228
    Previous Weekly Low: 6.8566
    Previous Monthly High: 6.9808
    Previous Monthly Low: 6.8525
    Previous Daily Fibonacci 38.2%: 6.8926
    Previous Daily Fibonacci 61.8%: 6.896
    Previous Daily Pivot Point S1: 6.8842
    Previous Daily Pivot Point S2: 6.8786
    Previous Daily Pivot Point S3: 6.87
    Previous Daily Pivot Point R1: 6.8984
    Previous Daily Pivot Point R2: 6.907
    Previous Daily Pivot Point R3: 6.9126

 

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