USDCNH | Perspective for the new week

FX:USDCNH   U.S. Dollar/Chinese Yuan
The prospects for further downside in USD/CNH remain a dominant subject amongst market makers as China is rolling out a digital yuan that will make her the world's second-largest economy the first country to create its own digital currency; I see a Reversal setup building up with structural tendencies that might drive the Greenback to higher highs in the coming week(s).

Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal pattern
Observation: i. Since mid-February 2021; the price of the Dollar has risen as it continues to find Higher highs until a successful Breakout of Key level happened early in March 2021.
ii. It is obvious that the Y6.54000/6.50000 that has been a strong Supply zone for close to 3 months was finally hijacked by buyers in March 2021 with a successful Breakout.
iii. Following the Breakout, the price found a niche around Y6.48000 which appeared to be a new Demand zone for Bullish expectation.
iv. Taking a long term perspective view on the weekly chart; I see price action transition into a Corrective phase after the Impulsive Bearish move that began mid-last year in the coming week(s) hence my Bullish bias.
v. With my Key level marked @ Y6.49000, I shall be looking forward to buying opportunity above this level to join the potential rally.
Trading plan: BUY confirmation with a minimum potential profit of 1,800 pips.
Risk/Reward: 1:6
Potential Duration: 15 to 25days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.

Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.