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Thomaswestw

USD/CNH Breaks into New Yearly Low. More Yuan Strength to Come?

Short
U.S. DOLLAR / OFFSHORE CHINESE YUAN (FX_IDC:USDCNH)  
Thomaswestw  
FX_IDC:USDCNH   U.S. DOLLAR / OFFSHORE CHINESE YUAN
Support and Resistance Triangle yuan USDCNH
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supportandresistance triangle yuan usdcnh
USD/CNH dropped to its lowest level since 2018 after the 2021 low gave way. Prices have been pressured lower by the 26-day Exponential Moving Average (EMA) following a Symmetrical Triangle breakdown in October. MACD is crossing back below the signal line while RSI heads lower. The Yuan may continue to strengthen versus the US Dollar given the current trajectory.
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