USDCNH: Potential long term top
With oil rallying, and China soon to be accepted by the IMF, to include the Yuan in the SDR currency basket, the technicals in this chart suddenly look very good to me.
You could go short here, with stops above yesterday's high to begin with. The currencies not affected by today's fear spike due to Deutsche Bank's shock were: the Euro (surprisingly!), XAU, XAG, CHF, CNH, so, we know these are relatively stronger (same as oil and other commodities).
Good luck,
Ivan Labrie.
You could go short here, with stops above yesterday's high to begin with. The currencies not affected by today's fear spike due to Deutsche Bank's shock were: the Euro (surprisingly!), XAU, XAG, CHF, CNH, so, we know these are relatively stronger (same as oil and other commodities).
Good luck,
Ivan Labrie.
Trade closed manually
It isn't acting well, probably the PBOC at work here. Better stand aside, but keep an eye on it.
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🔒Want to dive deeper? Check out my paid services below🔒
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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.