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FOREXN1
Nov 9, 2022 8:48 AM

USD/CNH:BUY From PREMIUM Area for a LONG Setup  Long

U.S. Dollar/Chinese YuanFXCM

Description

The USD in the last session, by the macro news, has a loose value against the EUR, this will affect all the pairs correlated, especially all the ones with the first denominator starting with USD. Today I want to talk about USD/CNH that comes from a long Bullish rally where in the last sessions it's inside an accumulation rectangle.
We are looking to buy again here at a discount, around the 50% and 61.8% FIBO levels where the Dynamic trendline of the Bullish channel can work as additional support. The Alternative scenario will happen if the price will broke 78.2% Fibo and the Bullish channel will be invalidated.

Comment

Comments
Lingrid
Good job!
FOREXN1
@Lingrid, Thanks !
DeGRAM
Thank you for sharing your analysis.
FOREXN1
@DeGRAM, Thanks!
JoeChampion
Makes sense, thank you!
FOREXN1
@JoeChampion, Thanks
FOREXN1
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