USDCNH: Potential long term top

FX:USDCNH   U.S. Dollar/Chinese Yuan
3 months ago
With oil             rallying, and China soon to be accepted by the IMF, to include the Yuan in the SDR             currency basket, the technicals in this chart suddenly look very good to me.
You could go short here, with stops above yesterday's high to begin with. The currencies not affected by today's fear spike due to Deutsche Bank's shock were: the Euro             (surprisingly!), XAU , XAG             , CHF, CNH             , so, we know these are relatively stronger (same as oil             and other commodities ).

Good luck,

Ivan Labrie.
3 months ago
Comment: http://www.bloomberg.com/news/articles/2016-10-01/chinese-yuan-s-ascent-to-global-reserve-status-a-timeline
3 months ago
Trade closed manually: It isn't acting well, probably the PBOC at work here. Better stand aside, but keep an eye on it.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
3 months ago
Ivan, the chart looks good, so does this means CNY will be higher after 1st October 2016 ?
3 months ago
Hola amigo! And last time during long holidays in Sep the liquidity was bad for CNH and banks sold USD to get CNH. So on Monday another long week for RMB holidays and it can again press the dollar down.
IvanLabrie PRO aibek
3 months ago
Yes, I'm inclined to think that is the case, but I don't like the price action today.
We will have to wait and see.
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