NULSBTC - Steaming Cup and HandleWow, would you look at that!
FIb ext. shows we more than likely peaked on the cup. Entry in the blue range or above cup value for confirmation safety. <.5 retrace means cup failure.
CNH
USD/CNH 1H Chart: Rate expected to breach resistanceUSD/CNH is trading in two descending channels which have guided its movement during the past three weeks. The rate was moving along the bottom boundaries of both patterns prior to reversing from the senior one circa 6.2575 and forming a new channel up.
The Greenback’s movement during the past two weeks has been bounded in a short-term channel down whose upper boundary coincides with one of the previously-mentioned medium-term patterns. The base scenario favours a soon breakout north towards the most senior channel circa 6.36 during this week. In order to fulfill this scenario, the rate has to overcome a significant resistance of the 200– and 55-hour SMAs and the weekly PP near the 6.31 mark.
In case the bearish sentiment prevails, the US Dollar should be guided towards the monthly S1 near 6.2050 during the following trading sessions.
USD/CNH 1H Chart: Breakout from junior channelA channel down has confined USD/CNH for the last three months, while a junior channel was formed a four weeks ago. As apparent on the chart, the US Dollar tested the 6.2815 mark yesterday - its lowest level since mid-2015. The upper boundary of the junior formation was breached on the same day.
The Greenback has since retraced from this line and remained stranded between the weekly PP and S1 Technical indicators are still in favour of another decline, given that the northern barrier is set by the 55-, 100– and 200-hour SMAs and the weekly PP circa 6.31.
However, the US Dollar should gain strength within the following days, breach this area and eventually get ready for a medium-term advance towards the senior channel located in the 6.38/42 area.
USD/CNH Long term The US Dollar has continued to lose ground against the rest of the currencies. The USD/CNH pair is no exception to this event. However, there is one interesting aspect to the decline of the Buck against the Chinese Yuan.
The currency pair recently stopped its decline and began to trade sideways. The move was initiated by a combined support of the lower trend line of junior channel down pattern, weekly S1 and monthly S2. All of these support levels are located in a range from 6.4200 to 6.4290.
Meanwhile, resistance is provided by the 61.80% Fibonacci retracement level at the 6.4480 mark.
The pair is likely to trade sideways until it reaches the resistance of the channel. Afterwards, the decline should resume.
USD/CNH 1H Chart: Pair remains near channelThe US Dollar’s movement against the Chinese Yuan during the past six weeks has been guided by a descending channel. The pair was trading along its bottom line last week and thus fell to its four-month low of 6.4715; however, it did eventually gain strength on Monday.
Following a test of the 6.54 mark, the Greenback initiated a new wave down—a move was disrupted by the 55-hour SMA. Given that the pair remains testing this line for several hours, it might be finally breached within this session. A subsequent fall, however, should be stopped by the 100– and 200-hour SMAs and the 23.60% Fibo retracement near 6.5050.
The steepness of the senior channel suggests that it could be breached during the next week. A surge might follow, thus setting the 6.55 area as a near-term target and 6.57—for a longer term.
USD/CNH 1H Chart: Greenback fails to pick up speedUSD/CNH has been guided by a descending channel since mid-October. The lower boundary of this medium-term pattern was tested late on Tuesday. However, a subsequent surge up was halted by the 55-hour SMA—a resistance barrier that was tested early today.
Given that the pair failed to surpass this moving average already last week, it is likely that it hinders for several hours near this line and the 100-hour SMA and the monthly S1 in the 6.5520/6.5650 territory.
The pair might even trade lower during the following hours, but it should eventually pick up speed and push towards the junior channel circa 6.58.
USDCNH. Possible wave count. WXYXZ. One more drop on the cards.It could take more time for this pair to finish a WXYXZ correction.
The last wave X could shape a triangular ABCDE formation.
Break below D point would signal a move down.
USD/CNH 1H Chart: Rate trapped in triangleA symmetrical triangle has dominated the USD/CNH currency pair since early August. It seems that this pattern has reach maturity, thus pointing to a soon breakout.
As apparent on the chart, the US Dollar has likewise formed a channel down. It is currently testing the upper boundary of this pattern.
The given currency has just moved above the 55-, 100– and 200-hour SMA. This suggests that traders might still see a slight movement north. However, this advance should be limited by the upper triangle boundary and the weekly R1 in the 6.6550/6600 area.
Given that the pair entered the senior pattern from above, the breakout is likely to be southwards. Thus, even if the rate manages to reach 6.6550, the US Dollar is expected to depreciate against the Chinese Yuan in the medium term.
$TRIG Cup and Handle @ 1h chart$TRIG shows a nice cup n handle in the 1h chart. After a lot of bleed in the btc bull run $trig bounced back and it's looking like a continuation. Fib resistance is at 14842, will be interesting to see if we can break through.
Potential CNH Forming For XEMWondering if we will see some CNH action on XEM. Volume looks like it's playing out as expected with troughs between the edges of the cup. Just need a handle to play out
USD/CNH meets long term supportThe US Dollar has been plummeting against the Chinese Yuan during the second half of August. However, it seems that the decline of the Buck against the Yuan has ended.
The currency exchange rate has met the support of a rather week long term descending channel pattern near the 6.5240 mark. It is possible that the trend line managed to hold its ground because of the weekly S1, which is located at that level.
Since then the pair has managed to score gains and reach the 6.56 mark, and it is expected to continue the surge. However, politics are more likely to set the exchange rate.
Long USDCNH touching 3 year trend line & 200 Week SMA!After the 1.5 year trend break a while back the Yaun has been on a massive bull run(Remember the Yaun is stronger when the USDCNH falls), but now it is hitting the original bearish trend line at the same time as the Chinese government is making it easier to bet against the Yaun given that they are no longer worried about an uncontrolled bear market. The setup is prime. The RSI is also indicating that the USDCNH is over sold. I told you to short the dollar yaun at the last trend break and I was correct. Now I see another reversal on the horizon.
USDCNY. Filling the Mega Gap. Wave 5One of market wizards once told that to find the trend we should squeeze the chart.
Frankly speaking I thought USDCNY is in a correction before I squeezed the chart, the Monthly chart.
The pair had a Mega GAP in 1994.
It looks like we have an echo from that distant time in form of a downside impulse, which is filling the gap.
We could be in the last large wave down to hit the 5.8145 mark.
This idea is opposite to the primary market opinion of imminent devaluation of yuan.
USDCNH at a nice resistance level$USDCNH is at a nice resistance level. Multiple time frame pivots are aligned in this area. I expect the next pivots below to be hit.
USDCNH. Triangle Consolidation. Watch BreakupTarget - previuos top 6.987
Invalidation - below 6.8449
USDCNH Short Idea!Fundamentals
-Chinese purge of risky assets
-risk taking
-emerging markets uptrend
-housing bubble does not affect short term
Technicals
-Triangle
Pros
-Least affected by Fed decisions
Cons
-Rebalancing of USDHKD may result in unwanted spillover to Renminbi
-Donald Trump
USCNH will move higher on capital flows out of ChinaMore and more economic data is showing that Chinese nationals are sending money abroad. Currency reserves are getting depleted and the Bank of China is allowing the CNY mid-point band to move lower. I see a long term move up significantly higher in USD versus CNH. But, Chinese interest rates are high making a carry differential that favors CNH. Probably will day trade this's over the course of many months versus one long position.
seekingalpha.com
USDCNH Short Target 6.7200The appreciation of Chinese Yuan against the US Dollars on the 3rd of January to 5th is a strong signal of a longer term strength of the CNH. The Yuan has been in a consolidation state since then, and is now trading near the upper band of the range.
Short the pair using a market order with a stop-loss of 6.8866 with a Profit Target of 6.7200.
USDCNH. Triangle at Double Three (W-X-Y)Dollar is going to continue it's growth against Renminbi (CNH, CNY).
Breakup of triangle would start the upside impulsive move.
Target at 7.12
INTERMARKET | USDCNH vs USDTWD DeviationWhat is a meaningful relationship between the currencies of two very interlinked and substitute export-led economies appears to have broken down - at least directionally in this case.
I think they reconverge, so my bias here is long USDTWD... So now I shall look for an entry.
