💱 Dollar-Yuan Shows Signs Of Trend Exhaustion: Cable FX Macro

• USD/CNH has seen a decent rally starting April, the spot tested and broke above 6.90 to breach the 7.0 area, a 30BF move followed to test levels not seen since November

• June saw the pair post a 2.09% monthly gain following a rise of 2.77%, April and May tend to favour USD/CNH upside

• Trend exhaustion is looking more likely as the spot fails to break above 7.30, a doji was seen in the daily on June close. The RSI has been above 70 for some time, it is now closer to 60

• The 7.20 area might offer some support in the short-term, if this fails, 7.1770 comes next