Hi there. Price is forming a reversal pattern to change its direction.
These are the fundamental reasons for a possible USD/CNH bullish scenario:
Sentiment shifts:
Bullish scenario:
A breakdown in US stimulus talks and a possible towards a government shutdown; FDA rejecting or postponing the approval of the Pfizer vaccine; a breakdown in Brexit talks with no...
There has been huge bearish momentum with Usdcnh due to top political uncertainty and the pandemic
However, I'm forecasting that the selling pressure will begin to ease and reveal a potential upside for the pair
I would monitor the pair and wait until the bullish trend emerges and ride it to the key levels
Be aware that it could potentially form a...
USDCNH after testing the lows near a dynamic trendline retraced inside a minor ascending channel.
The market reached the 0.618 Fibonacci retracements and now testing a support
According to Plancton's strategy, if the conditions, will be satisfied, we will set a nice short position.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴...
USDCNH after testing the lows near a dynamic trendline retraced inside a minor ascending channel.
The market reached the 0.786 Fibonacci retracements and now testing a support
According to Plancton's strategy, if the conditions, will be satisfied, we will set a nice short position.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴...
USDCHF ended bearish Elliot wave 5 at level 6.4115
Pair is forming inverted head and shoulder pattern
MACD shows start of bullish momentum
RSI is in uptrend
we r waiting price to exceed resistance level at 6.4575 and SMA 100 to open long trade
It's expected to target minor downtrendline at level 6.4800
📌 Another round of updates for the Yearly close on the MT and LT maps, sellers may still be in control but buyers are flirting with that breakup. This will occupy the battlefield and unlock a test of 4,500 for 2021.
What is wrong with the bull case is exhausting to list; the exchange of capital from public to private assets is developing sooner than I expected....
📌 CNY for the Yearly Close...
In the usual tradition, this topping formation appeared to fit the bill! The correct way to play it was for sellers to proceed; dollar weakness was knocking while CNY was quite tenable.
...
USDCNH after the break below the daily structure tested the 6.55000 area.
The price after a false breakout retested the resistance area inside a minor channel.
IF the market will break and close below the support structure we can set a nice short order according to Plancton's strategy.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly...
USDCNH in in the downtrend
But will go UP to retest the resistance of the falling channel
The pair is oversold and a correction is required!
Buy!
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USDCNH after the break below a weekly support is consolidating over a daily support.
The price is on a long bearish wave and never retraced back.
IF the price will break and close above the daily structure, we can set a nice long order according to Plancton's strategy.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red...
The stock market (DJI) during the recovery vs. inverse of the Dollar Index DXY, and major currencies Euro EURUSD, Australian dollar AUDUSD, Japanese Yen JPYUSD, Chinese Yuan CNHUSD
This is a pullback to the previous top (buy limit), stop under the relative bottom, target price is 6.80880. We can see the reverse of the short trend. Fundamental support: PBOC withdraws liquidity.
USDCNH has been a strong driver of USD weakness and has weakened more that 7% over 5months, straight line.
Looking at the technical structure of the double top and breakdown right through the neckline levels, the measured move takes us down to where USDCNH put in a low last week at 6.627. Last week produced a reversal candle (though a weak one) closing around...
USDCNH is trading in downtrend
Strong bearish wave (a) ended at level at 6.6280
then corrective bullish wave (b) rejected from strong daily supply zone corresponding to 38.2% Fibonacci level at 6.6797
Below SMA 100
MACD shows weakness in bullish momentum
RSI broke uptrendline
Below HVN at level 6.7331
It's expected for coming strong bearish wave (c) to target level 6.5500
