TomProTrader

#USDCNH-Update: Strong Rally Weakening, Profit Taking?

FX:USDCNH   U.S. Dollar/Chinese Yuan
19 0 6
Traders,

UPDATE: Price has moved SIGNIFICANTLY well since I last posted this pair (See related ideas). The pair is gradually showing weakness up at the highs. And whilst current price isn't an immediate sign for profit taking for longer term traders, for shorter traders or aggressive trades it is the ideal time to consider profit taking, depending on the Monday opening price. A gap down would clearly symbolise that the bears are stronger and this would be the time to take profits in all circumstances.

Compelling morning star signal on sideways support level and a clear bullish follow through suggests more upside could be seen off this level. Could see a rally in the form of a corrective or impulse move. Notice the strong bullish Stochastic divergence supporting upside move.
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