USDCNH Reversal Pattern? Coronavirus Good News Upcoming?

FX:USDCNH   U.S. Dollar/Chinese Yuan
USDCNH has been in an uptrend with multiple higher lows, however, recently this began to exhaust as new higher lows (confirmed by higher highs) failed to materialize. We also had a big resistance/flip zone hit at 7.00

The swing at 6.9785 was an early entry signal, and also because it broke a smaller flip/support level above.

Looking for a possible head and shoulder pattern here which would show us a transition for an uptrend to a downtrend with a lower high (lower low needed).

We will await the break and close.

Of course, just yesterday China said they would halve tariffs on US goods. This is being seen as progress to a phase 2 deal. Also, you must also entertain the idea that Coronavirus contained and progress headlines may be coming soon. Perhaps some successful vaccine or whatever.

Though I would not trust the Chinese data on this.


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