FX.co ★ USD/CNY analysis for August 18, 2022 - Upside breakout and potential for bigger growth

Technical analysis:

USD/CNY has been trading upside and there is the breakout of the bigger sideways base, which is strong sign for further rise.

Trading recommendation:

Due to the breakout of the consolidation of the multi week, I see further rise and potential upside references.

Watch for potential buying opportunities on the intraday dips with the upside objectives at 6.909 and 7.081.

MACD oscillator is showing overbought condition but with no evidence for the reversal.

Key support is set at the price of 6.650