Exclusive trading idea: USDCNH

14 Okt 2018

USDCNH has been in the uptrend for a long time. This uptrend lasts already more than a half year. The strange thing about this uptrend is the fact, that there has not really been some significant correction. Only a few days of move downwards and then it would rise again. In August 2018, the market stopped close below resistance and psychological level 7.0000. Since then, it has been in a sideways. Recently we were witnesses of a break of the trendline, but it doesn't have to mean the beginning of a downtrend. USDCNH can still go higher and retest psychological resistance 7.0000 and then go down. Or even make a strong breakout to the upside. From weekly/monthly timeframe it looks like a double top pattern. Anyway, we are awaiting move downwards, but the sell signal needs to be confirmed by our algorithm. We are watching this pair a few weeks already. Patience is truly important if you want to succeed in trading and we are proof of that because we are watching this currency pair since September and still did not enter the trade.