SOLID ECN LLC
Solid ECN Representative
- Messages
- 516
Bearish Momentum in USD/CNH Currency Pair
Solid ECN – The USD/CNH currency pair is dipping from the 78.6% Fibonacci level at $7.257. The RSI indicator also demonstrates bearish momentum by turning downward, and the awesome oscillator bar has just turned green.
The immediate resistance that paused the robust bullish momentum is at $7.257. If the price remains below this ceiling, the Chinese Yuan will likely erase some recent losses against the U.S. Dollar. Additionally, the USD/CNH price could dip to the 61.8% Fibonacci level at $7.237.
As mentioned above, bulls must push the price beyond the key resistance level for the uptrend to resume.
The immediate resistance that paused the robust bullish momentum is at $7.257. If the price remains below this ceiling, the Chinese Yuan will likely erase some recent losses against the U.S. Dollar. Additionally, the USD/CNH price could dip to the 61.8% Fibonacci level at $7.237.
As mentioned above, bulls must push the price beyond the key resistance level for the uptrend to resume.