Daily Trend: DOWN-Neutral
After the strong appreciation seen in CNH during April and May, weakness was present throughout most of June as the U.S. Dollar strengthened. In July the pair challenged the 61.8% Fibonacci Retracement level (measured from April high to June low) before it broke to the upside, albeit brief and left a month high of 6.5286. No directional bias as prices struggle to break below the 6.4500 area.
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TRADDICTIV · Research Team