This is counter to DXY long outlook. I'm just looking at the pattern formation (should it be wrong without a significant retrace I will still avoid USDCNH longs)
A lot to be desired from the Brexit situation, and am more bullish in other pairs NZD, but this is the direction I will be looking at in the coming weeks and months.
A lot of woes for Deutsche Bank in the news and hits to it's balance sheet on penalties, but fundamentally it is still a strong institution and seems to be woefully oversold under this conditions. Jitters in Europe and other headwinds in global markets might play to prevent this, but viewing it purely on a technical basis and RR this is a good place to buy.
Seasonal pullback I think and invalidation of this setup, one eye should be on the DXY (Dollar Index), my current projection on that is 109 for 2019
Brexit is still a big head ache, but fundamentally am looking at only longs on GBP for now.
From this point it would either be a tumble down to USD parity or back up to 1.24 to ~1.25. My bias is long before we resume the downtrend.