quantguy
Short

Remninmi Bottomed?

FX_IDC:CNYEUR   YUAN RENMINBI / EURO
With the China crash still fresh on everyone's minds its time to ask if the Renminbi has bottomed out or if there is still room to crash. Based on the link attached, there seems to be the potential for a lot more bad debt that China is trying to avoid confronting, and probably couldn't even account for if they tried.

On the technical side, note the massive resistance from above via the Ichimoku cloud , successive massive drops and the inability to break previous highs. There seems to be a nice profit target at about 0.13730, which was tested and rejected on October 14th. As for a stop loss, there seems to be a level of support around 0.14032. The MACD and RSI do not indicate that this asset is oversold, despite the massive downturn as of late.
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