USD/CNH Breakout

Price broke above a recent high of 7.0223 today and could be on its way to the high of 7.0867, reached on 12th Dec of 2019. Before this breakout, the 20EMA has been able to halt price decline around 6.95. 20EMA is still rising and its gradient is steep as well, which is a hint of strong bullish trend.

Stochastic has reached the overbought extreme but MACD is still rising and bullish. MACD also has a bullish crossover. However do watch out for possible divergence warning.

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