USD/CNH Short Idea

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U.S. Dollar / Offshore Chinese Yuan (FOREXCOM:USDCNH)

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FOREXCOM:USDCNH U.S. Dollar / Offshore Chinese Yuan

trendanalysis supportandresistance fibonacci usdcnh usdcnhshort usdpairs usdpairsbearish

USD/CNH is showing signs of exhaustion after a bull rally which started in April 2018. Appearance of wick rejection at current high. On the day chart we see an evening star pattern, and a large bearish engulfing candle. Using fib and impulsive movement of price anticipate retracement to at least 50% or 61.8% fib level, which are key levels of this pair. Dollar is also weakening which is playing into this analysis. Placement of stop loss above previous high. Low risk to reward. Trade at your own risk. This idea is for demonstration and study purposes only.

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Key areas noted in yellow for short term take profits

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