USDCNY, Threshold to explode at 7 !Hello Everybody~
This is Wasabi.
I have added two channels, the downtrend and the uptrend.
It looks to me that USDCNY has made its direction to change from the downtrend to the uptrend.
As you may see, it has bounced back strongly in the 1st week of April to avoid falling back into the downtrend after its overshooting.
It is now heading for the previous double tops at about 7 dollars per yuan.
Once it penetrates the double tops at USDCNY=7, we will see it skyrocket to the moon.
Although the trading of cryptos has been banned in China, exchanging Yuan with Dollar has many restrictions.
Despite all the difficulties, the rich smart Chinese money will find its way to escape from a falling knife and it will find that the cryptos will be good alternatives.
I will be back with more ideas and indicators.
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