USDCNH short term downtrend weakens
Updated
From the daily perspective, downtrend is definitely weakening with higher low formed.
Some highlights are as below:
1. The power transfer in the US was in peace which removed the political uncertainty factor. That benefit dollar in my opinion.
2. CNH has been up too much against the greenback for the past year and Chinese government may not prefer. That hurt the export business.
3. Refer to my technical analysis in the chart.
This is in line with my view regarding DXY below. The two ideas are confluence with each other.
Some highlights are as below:
1. The power transfer in the US was in peace which removed the political uncertainty factor. That benefit dollar in my opinion.
2. CNH has been up too much against the greenback for the past year and Chinese government may not prefer. That hurt the export business.
3. Refer to my technical analysis in the chart.
This is in line with my view regarding DXY below. The two ideas are confluence with each other.
Note
Now, it's coming to the higher low zone which is key from my perspective. Pay close attention to how price respond to it.
Note
Now, price is sideways between a relatively tight range.
Note
Downtrend momentum strengthened given the control low being violated.
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