USD/CNH technical strategy for risk off
=> What are we tracking here?
=> This is a very complex environment with major risk off flows from large funds in play last week.
=> Bears are refusing to capitulate and give the highs defending with everything they have meaning we can use the highs at 6.9586 as a line in the sand for triggering further risk-off flows, especially in the broader EM space.
=> On the political side we have the potential for the US to label China as a currency manipulator here as early as next week so this noise will provide the ebb and flow.
=> To the downside we will have to see a daily close below 6.9119 to provide some respite.
=> GL all those tracking this one or in live trades
=> This is a very complex environment with major risk off flows from large funds in play last week.
=> Bears are refusing to capitulate and give the highs defending with everything they have meaning we can use the highs at 6.9586 as a line in the sand for triggering further risk-off flows, especially in the broader EM space.
=> On the political side we have the potential for the US to label China as a currency manipulator here as early as next week so this noise will provide the ebb and flow.
=> To the downside we will have to see a daily close below 6.9119 to provide some respite.
=> GL all those tracking this one or in live trades
Related publications
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.