USD/CNH technical analysis (daily chart): 06.09.23

USD/CNH technical analysis (daily chart):

Last week I outlined the bullish bias for USD/CNH, noting its consolidation above the June highs with trend support or the 2019/2020 highs nearby for potential support. Whilst we saw a couple of intraday attempts to break beneath the June high, it held above them on a closing basis.

A day of bullish range expansion saw prices clear the retracement line and momentum has realigned with the daily bullish trend. A move to the August highs, 7.35 or even the 2022 high could be on the cards.