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OFFSHORE CHINESE YUAN / U.S. DOLLAR

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CNHUSD trade ideas

Tradeagreement? This chart tells a different storyReportedly China and the US have agreed on phase 1 of a trade agreement. China agreed to not further devalue its currency and buy more soy beans from the US. However this agreement has not been signed so far. Looking at the USD/CHN chart it looks like this story will be a different one. CNH has significantly weakened and broken out to the upside a 3 wave pullback ABC should now be in play with the trade talks. However after it looks like as we have formed a valid and significant break to the upside which should resume the direction to the upside once the abc pullback has finished, meaning the CNH will further devalue compared to the Dollar.
by JonasBenjaminFriedrich