USDCNY Approaching a 2 month Resistance on overbought RSI.
It's been a long time see we last traded the USDCNY pair (see chart below) but it was a long-term trade that very precisely hit the both the 1D MA200 (orange trend-line) and 1W MA100 (red trend-line) targets:
After the January 16 rebound, the pair former a Channel Up and currently the price is approaching the 6.9785 Resistance. The 1D RSI got overbought on Friday for the first time since February 24. If it closes a 1D candle above Resistance 1, we will buy and target the top (Higher Highs trend-line) of the Channel Up at 7.0500. Until then we will sell those overbought indicators and target the 1D MA50 on the short-term and if it closes below the Inner Higher Lows, then sell more towards the bottom of the Channel Up. If the price closes below Support 1, then long-term sell targeting Support 2 at 6.7000.
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After the January 16 rebound, the pair former a Channel Up and currently the price is approaching the 6.9785 Resistance. The 1D RSI got overbought on Friday for the first time since February 24. If it closes a 1D candle above Resistance 1, we will buy and target the top (Higher Highs trend-line) of the Channel Up at 7.0500. Until then we will sell those overbought indicators and target the 1D MA50 on the short-term and if it closes below the Inner Higher Lows, then sell more towards the bottom of the Channel Up. If the price closes below Support 1, then long-term sell targeting Support 2 at 6.7000.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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