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Abstract:USD/CNH bears stepping to the plate for another attempt at the downside. Bears will need to see the four-hour structure taken out first.
USD/CNH has been in the hands of the bulls on the correction of the bearish trend but the tables could be about to turn.
The following is an analysis of the daily chart and the 4-hour structure where support could be the last stop before a significant downside move.
Daily chartThe daily chart offers a bearish bias in what would be a continuation of the downside following a deep correction to the 61.8% Fibonacci retracement level.
Cementing the bearish conviction is the completion of the M-formation where the price would be expected to be resisted at the neck line of the pattern.
4-hour chartThere is still some work to do from the bears yet.
There is the prospect of an upside continuation from current support. However, a break there will likely see the price continue t the downside following a restest of the old support, aka, new resistance.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.