ridethepig

Adding upside exposure on a correction

FOREXCOM:USDCNH   U.S. Dollar / Offshore Chinese Yuan
=> Here we have a very interesting playing field ... an unsurprising result with the political mess.
=> Today we are continuing to overlook the macro and focus on technicals as we have macro updates and expectations coming in our end of year reports.
=> So lets get started....
=> As with the rest of USD pairs this has been corrective since October and anything towards 6.74 should been seen as an opportunity to re-engage in adding upside exposure.
=> We eventually see potential in this continuing towards 7.00 and a break here will unlock the ladder for 7.10 and give scope up to 7.21.
=> We recommend buying dips as they will be competitive and don't see room for a pullback much lower than 6.78-6.74.
=> Best of luck for those in Yuan pairs and those sidelined looking to add dollar exposure.
Comment: We will need a hand from Fed minutes if 6.7333 is to hold for the week
Great analysis but how did you predict the support at 6.73?
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