USD/CNH Falling Wedge May Hint at Uptrend Resumption
The US Dollar has been rising against the Chinese Yuan in June so far.
On the 4-hour chart, USD/CNH appears to be carving out a bullish Falling Wedge chart formation. A breakout above, with resistance as the 23.6% Fibonacci extension at 6.7304, opens the door to perhaps revisiting the May high at 6.8375.
Otherwise, a turn back lower towards 6.6131 would keep the Yuan on a slow and steady appreciation course against the US Dollar within the boundaries of the Falling Wedge.
USDCNH
On the 4-hour chart, USD/CNH appears to be carving out a bullish Falling Wedge chart formation. A breakout above, with resistance as the 23.6% Fibonacci extension at 6.7304, opens the door to perhaps revisiting the May high at 6.8375.
Otherwise, a turn back lower towards 6.6131 would keep the Yuan on a slow and steady appreciation course against the US Dollar within the boundaries of the Falling Wedge.
USDCNH
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