USD/CNH All signals point downwards
The US Dollar’s movements against the Chinese one currency have not been mapped for some time, because some consider them rather boring. The bottom line about the pair is that the US Dollar is losing value against the Yuan.
However, the movements of various timeframes can be mapped in various scale patterns. Moreover, it can be observed that the currency exchange rate has a rather notable tendency to respect Fibonacci retracement lines.
In regards to the near term future, the pair is either set to trade sideways or decline. The reason for such assumption is the fact that the pair has fallen below a very strong resistance cluster, which is located from 6.28 to 6.29 levels.
However, the movements of various timeframes can be mapped in various scale patterns. Moreover, it can be observed that the currency exchange rate has a rather notable tendency to respect Fibonacci retracement lines.
In regards to the near term future, the pair is either set to trade sideways or decline. The reason for such assumption is the fact that the pair has fallen below a very strong resistance cluster, which is located from 6.28 to 6.29 levels.
The US Dollar surged against the rest of the financial markets on Monday. The reason was the fact that North Korea announced that it will stop its nuclear program.
The USD/CNH pair is no exception to the rule. This event quickly crashed the expectations of a decline of the Buck against the Chinese currency.
However, Dukascopy analysts noticed something important on the daily chart of the currency pair. Namely, note the newly added blue colored pattern, which represents the pairs surge in the borders of the pattern, which maps the rates decline since February.