USDCNH - Medium Term Bear TrendUSDCNH reached historical max values and start the descendant channel approaching. Traget price @6.63.
CNH
USDCNH. Deeper correctionCorrection became complex and transformed into double three...at least.
50-61.8% Fib and the upside of the channel are targeted.
Yuan Bull ApproachingRegardless of winter USD rate-hike the Yuan will continue to show relative strength.
USDCHN, worth the shotThe pattern is a bit unclear, but because the RR is so great i am taking the risk here. Starting small and increasing on the break of the yellow zone. Think we might make a lower high on the daily, so it could potentially drop a lot coming weeks. Making the RR enormous, which makes it worth the risk for me. I am using the stop loss, but in case we move only slightly higher but start to drop again (false breakout), i will probably short it again when that yellow zone breaks.
USDCNH SELLPrice has formed a strong price action at the top of the pattern and now is forming a continuation pattern to the downside. Watch strong price action at the current price for sell.
Don’t take a trade if you don’t see clearly when big guys are in.
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USDCNH SELLPrice is on a continuation pattern to the downside. Wait for the price to form a continuation pattern on a lower time frame and watch strong price action for sell.
Don’t take a trade if you don’t see clearly when big guys are in.
Forex signals premium channel. Join us!
t.me
USDCNH BUYWait for the price to complete the continuation pattern that it's forming and watch strong price action for buy.
Don't take any trade if you don't see clearly when big guys are in.
USDCNH. Correction continues. Target 6.73The last sideways consolidation shaped the notorious Triangle pattern in wave B as a junction of waves A and C of this big correction.
The drop could hit the area of 6.73 as market thinks about the deeper retracement lately.
Its all about the uncertainty of US-China relations and players tread the water to take their time.
USDCNH could retest 6.9590This pair was in the pullback after a breakout of the corrective structure.
Now it is breaking it up and then should retest the former top at the 6.9590
CNH Driving FX The market continues to move based on USDCNH, which poked the DXY lower/EurUsd higher stops were triggered as the pair traded 1.1654. The next level to watch is 1.1685, beyond that we will see another wave of stop losses.
USDCNHWas that the top in USD/CNH? Traders should not make a living or hobby out of calling major reversals in a market, but when a combination of developments arise that signals the tides may be turning, they also shouldn’t have their head in the sand.
While many people were looking to the sell-off in the Turkish Lira and the South African Rand, the turn around on a development with the funding market in China may turn out to be the real story. In short, the cost to short the Yuan jumped to the highest level since 2016 and early 2017.
With China increasing the cost to borrow the Yuan, a key vehicle to short the currency while restricting Chinese bank’s ability to lend yuan off-shore, traders may be wondering if we’ll see a seven-handle on the USD/CNH anytime in the near future or later. Especially with US Dollar long positions by institutions already stretched.
Adding to the narrative, unsurprisingly on Monday was US President Donald Trump, who had a few words of disappointment for Fed Chairman Jerome Powell ahead of his keynote speech at Jackson Hole on Friday. The following headlines hit my terminal, which aligned with downside pressure on USD/CNH:
USD/CNH 1H Chart: Declining patterns is brokenAfter scoring a new high level last week, the USD/CNH currency exchange rate had declined throughout the second half of the week. During that time various patterns were broken. Because of that reason a review of the pair is conducted.
The pair has revealed a large scale descending speculative pattern, in the borders of which a medum term channel down pattern was located at. Although, on Monday the descending pattern was already broken by a junior scale channel up pattern.
The ascending pattern is most likely just representing the first move in the borders of a new to be discovered medium size pattern.
USD/CNH Shooting star reversal!#USD_CNH just formed #Bearish #ShootingStar reversal candle on the #Weekly timeframe with a long wick that implies for a reversal signal for a wave of short positions coming to drag spot PA from 6.85 to our TP targets and key support levels at 6.70 & 6.58!
While #CNH #Renminbi appreciating against #Greenback , #GOLD #XAU_USD will accelerate to the upside to gain some short-term #Bullish momentum to hover around 1195 & 1205
USD/CNH 1H Chart: Senior channel as targetThe US Dollar has gained 7.10% against the Chinese Yuan since mid-June. This up-move has been stranded in a senior channel. The pair reversed from its bottom boundary two weeks ago and is gradually moving towards the other boundary located near 6.95.
The US Dollar failed to surpass a trend-line near 6.85. This might indicate to a possible decline, as this strong upward momentum is unlikely to be sustainable for any longer. This bearish assumption is likewise confirmed by technical indicators converging with the price on the 4H and 1D time-frames.
If the 55– and 100-hour SMAs at 6.80 are breached, the next target is the senior channel and the 200-hour SMA at 6.74, while a possible target for the following two weeks is the monthly PP at 6.77.
There might still be some slight appreciation within the following two days until the bearish pressure takes over the pair.
USDCNH to drop soon?this short seems like a very obvious play given the bearish divergence on momentum indicators and a strong bearish shooting star which is a classic reversal pattern, but I feel like theres a catch somewhere here: Either we will see a large consolidation that many will see as a bull flag and long just to get stopped out, or we will have another weak rally with obvious signs of divergence before we fall. Either way I feel that the end is near for this rally, but this is a trade that will require patience to play out. Why? because the technicals for the dollar look strong and this push up has almost no slope change causing me to believe that there may be a little bit more to rally, or we may consolidate to even out the slope because it's less likely to see such a rally followed immediately by a steep drop, usually takes a consolidation and signs of weakness (momentum loss, lower high, dollar drop etc..) causing a slope change and then a drop. A lower high would cause a more drastic drop, I believe, but if we break the previous high I would look for a correction target around the .386 and , .5 from the top. I would start accumulating pieces to a short position slowly and watch the dollar closely but this should be a nice short play in the near future. May be early but I doubt it. Reversal plays are the riskiest so play this smart and good luck.
USD/CNH 1H Chart: Possible decline in sightThe US Dollar was trading sideways against the Chinese Yuan during the first two weeks of June. This was followed by sudden acceleration as a result of which the rate gained 1.70% within a couple of sessions. Along the way, it breached the senior channel formed in late 2016.
It is apparent on the chart that the rate has likewise reached the upper boundaries of two junior patterns near 6.49. The Greenback might still edge slightly higher during the following hours until the monthly R2 at 6.5062 are reached, as technical indicators still point to some upside potential prior to reversing to the downside.
Subsequently, it is expected that the Greenback tries to make a retracement from the breached channel and the 23.60% Fibo, thus targeting the 6.41 area this week.
USDCNH. Correction is over. Another drop is ahead.The WXY countertrend corrective structure looks completed.
The minimum target for another drop is at the earlier low 6.2360.
MACD already sends bearish divergence signal and more over dropped below 0 into the negative territory.
Risk/Reward is over 2.
USD/CNH 1H Chart: Two scenarios are shownThe price movement of USD/CNH during the past few weeks demonstrates a medium-term consolidation, meaning that the US Dollar has failed to move above the 6.3833 level, while support has been provided by an upward-sloping trend-line.
Two scenarios are possible in this situation. First, a breakout of the 6.39 area should result in a surge towards the senior channel and the 50.00% Fibonacci retracement at 6.42 during the following week.
Second, the pair might still diminish its trading range between the aforementioned barriers until downside risks prevail and start a medium-term decline. In this case, it is likely that the pair targets the monthly PP and the weekly S2 at 6.30 within the following two weeks. Technical on the longer-term time-frames are tilting towards the bearish scenario.
USD/CNH All signals point downwardsThe US Dollar’s movements against the Chinese one currency have not been mapped for some time, because some consider them rather boring. The bottom line about the pair is that the US Dollar is losing value against the Yuan.
However, the movements of various timeframes can be mapped in various scale patterns. Moreover, it can be observed that the currency exchange rate has a rather notable tendency to respect Fibonacci retracement lines.
In regards to the near term future, the pair is either set to trade sideways or decline. The reason for such assumption is the fact that the pair has fallen below a very strong resistance cluster, which is located from 6.28 to 6.29 levels.
BLITZ. Sell USDCNH. R/R >2End of correction.
Catch the drop
Entry now (1.2790)
Stop 6.2967
Target 6.2358
USD/CNH 4H Chart: Pair consolidates in triangleThe US Dollar keeps diminishing its trading range against the Chinese Yuan since the beginning of this year. As a result, the rate has formed a symmetrical triangle and is therefore consolidating slightly above its 2016/2018 low of 6.2570.
Even though the US Dollar has managed to push slightly away from this territory, its inability to overcome the 6.37 mark might still point to another decline. This assumption is likewise confirmed by strongly bearish technical indicators in both shorter– and longer-term time-frames.
If the given pattern is breached to the downside, the pair is likely to target the aforementioned yearly low at 6.2570 during the following two weeks. In the meantime, a northern breakout of the current trend-line at 6.3250 could result in a surge towards the 6.40 area.
USD/CNH 1H Chart: Two scenarios possibleThe US Dollar has been trading in a triangle-like formation against the Chinese Yuan since mid-January. Along the way, the pair tested the lower boundary of a four-month channel down circa 6.26.
The Greenback likewise breached the prevailing junior channel yesterday. This suggests that the pair could retrace from the breached pattern and start edging higher later in the day towards the upper triangle line at 6.37, especially given the fact that the US Dollar is supported by the 55-, 100– and 200-hour SMAs and the weekly PP at 6.33.
On the other hand, technical indicators demonstrate that some downside potential still exists in the market. In case this bearish scenario occurs, the proposed fall should not exceed the 6.31 mark where the bottom triangle line is located.
