USD/CNH - potential swing trade long
Updated
USD/CNH remains within an established uptrend on the daily chart, and the US02Y-CN02Y spread has reached a new cycle high to suggest upside pressure could be building on USD/CNH.
Prices have retraced and are now trying to build a base around the June highs. Bulls could seek dips around the cycle lows with a stop below 7.25 in anticipation of a move to 7.35, the 2022 high or beyond.
Prices have retraced and are now trying to build a base around the June highs. Bulls could seek dips around the cycle lows with a stop below 7.25 in anticipation of a move to 7.35, the 2022 high or beyond.
Note
If USD/CNH withstood the widely weaker USD dollar on Tuesday, following the JOLTS job openings report, then once could assume it makes a decent long if US data (such as GDP, ADP and NDP) outperform.
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