olly48

USD/CNH Can Plummet Further

Short
FOREXCOM:USDCNH   U.S. Dollar / Offshore Chinese Yuan
This has been plummeting for the best part of a year. It recently broke another support and is now retesting it as resistance. If we see MACD turn lower and EMA's do not cross higher then this should continue down to the next supports.

Keep in mind this has been oversold on RSI since September so don't be too overconfident as there is always the chance of a correction.

I have marked out 3 levels where to expect support so these can be the targets.

TP 1 - 6.38367
TP 2 - 6.31515
TP 3 - 6.23602

Once this turns SL can be added just above the resistance.