ridethepig

USDCNH setting up for a correction

Short
FOREXCOM:USDCNH   U.S. Dollar / Offshore Chinese Yuan
=> We are expecting profit taking in the pair over the coming sessions. the PBOC are beginning to support a narrative providing some short-term strength into the Yuan after months of preparing for the trade war with US.
=> This is a very complex environment so its time to stay out if you don't know what you are doing.
=> A Daily close below the 6.8676 is the only level to track here for bears, if we break we are set for a test of 6.8061 and 6.7382.
=> Good luck all

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.