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Forex

USD/CNH drops from its 2023 top 7.2854

MarketsFN Team

•1 min read
USD/CNH drops from its 2023 top 7.2854

USD/CNH is losing 0.22% to 7.2518. If selling pressure would continue buy to cover traders would send lower the pair as their bet to test the 2022 high could became expensive. Next relevant support area 7.16, the 23.6% Fibonacci support of the bullish trend started this year in January.

If the pair would trade above last week highs, then buyers would be likely in control again in both short term and medium term, pushing USD/CHN to test area 7.37.

The RSI oscillator at 14 sessions just left the overbought level and it is in area 68.

#Forex#technical analysis#USD/CNH
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