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OFFSHORE CHINESE YUAN / U.S. DOLLAR

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CNHUSD trade ideas

USDCNH: Double bottom completion hints further upsideOn Friday, the US Michigan Consumer Sentiment Index for February improved to a 13-month high at 66.4, beating market consensus of 65 and previous month data at 64.9. The dollar-bullish data release boosted the greenback against major currencies like the Euro, British Pound, Aussie dollar, Japanese yen and more.  Moving our attention to the US Dollar/Offshore Chinese yuan (USDCNH) pair, the downbeat Chinese Consumer Price Index (CPI) and Producer Price Index (PPI) for January performed below market expectations, exerting pressure on the yuan. Looking at the daily chart, a completion of double bottom gives us an upside technical target around 6.903 (R2). Double bottom neckline around 6.812 (S1) should provide support in the event of a retracement lower. 
Long
by phillip_nova
Higher low on USD/CNH hints at countertrend bounceYield differentials between the US and China 2-year treasury note continue to suggest USD/CNH could be oversold, at least over the near-term. The daily close chart (above in black) also better shows the potential for a higher low, as part of a countertrend move. The daily candlestick chart shows a recent pullback has failed to retest the 6.6976 low, and yesterday formed a 2-bar bullish reversal pattern (bullish piercing line). Whilst prices remain within a small retracement channel, we’re now looking for a break higher and minimum move to the highs around 0.6800 (near the monthly pivot point, 100% projection and recent highs). Should it break higher, then the it has the potential to extend to the 138.2% or 161.8% projection levels, the latter of which is by the 200-day EMA. Further out, I doubt Beijing will want their currency to depreciate too much given weak export data, so its possible the anticipated move higher is simply a countertrend move which could later break to new cycle lows.
Short
by CityIndex
1
USDCNH to 6.66? 😈Please 1st of all click the boost 🚀 button if you want me to post more ideas and follow me to support my work! It's absolutely for free. After a long run up... the USDCNH probably found the top for a while. Price formed Head and Shoulders 🤷and broke the Uptrendline and then also the Neckline @ 7.01, backtested it and got rejected. Also there is bear flag in play with target 6.686, we have just broken out of it's consolidation phase: So in my eyes a downtrend has been established and I think there is chance for run to 6.66 . STOPLOSS (SL) : Right Shoulder @ 7.26 TARGET (TP) : H&S target projection @ 6.66 INVALIDATION : when SL level hit Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Short
by bizmark
4