USDCNH Short Head and Shoulders + Divergence
After the pairs highest notation ever on 3rd of September, the USDCHN has come down a bit and lost momentum. If we look at the RSI we can see a divergence, suggesting that the momentum is lost and it will come down further.
It has also formed a very nice Head-and-Shoulders pattern and is about to break the neckline, with a target of 6.95000 - a nice even number coinciding with previous structure and is about the length of Head-to-Neckline.
It has also formed a very nice Head-and-Shoulders pattern and is about to break the neckline, with a target of 6.95000 - a nice even number coinciding with previous structure and is about the length of Head-to-Neckline.
Trade active
If we look at the fundamentals in regards to the trade war with the US and the trade talks going on. I think that US and China will reach some sort of a agreement, even if it is just a small one portrait to be a big one - both need it. Overall I think China is the big winner of the two if there is a truce in the trade wars - which should be reflected in the USDCNH.
Trade closed manually
Trade closed due to Chinese data during the Asian session that will affect the USDCNH.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.