USD/CNH REPORT UPDATE
What i said last week regarding the USD/CHN PAIR...
USDCNH drops below 6.6917, down 0.39% intraday. China will not only overcome the coronavirus pandemic but will also aim to become the world's largest economy which could be favouring USDCNH bears. ( China's communist party 2020 GDP to exceed 100 TRILLION YUAN)
A clear break of the one week old support line could drag USDCNH prices towards the monthly bottom near 6.6275. Meanwhile a 13 day old resistance line at 6.7325 can probe buyers even if they manage to cross previous support, now resistance around 6.7025.
One week later and im very much still bearish on this pair. At the time of writing USDCHN broke below the bear flag that have been forming for a couple days which is where i re-entered the market. Please keep in mind that the U.S elections are tomorrow which will lead to some volatility in the market.
USDCNH drops below 6.6917, down 0.39% intraday. China will not only overcome the coronavirus pandemic but will also aim to become the world's largest economy which could be favouring USDCNH bears. ( China's communist party 2020 GDP to exceed 100 TRILLION YUAN)
A clear break of the one week old support line could drag USDCNH prices towards the monthly bottom near 6.6275. Meanwhile a 13 day old resistance line at 6.7325 can probe buyers even if they manage to cross previous support, now resistance around 6.7025.
One week later and im very much still bearish on this pair. At the time of writing USDCHN broke below the bear flag that have been forming for a couple days which is where i re-entered the market. Please keep in mind that the U.S elections are tomorrow which will lead to some volatility in the market.
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