U.S. Dollar / Offshore Chinese Yuan
Short
Aggiornato

USDCNH to 6.66? 😈

1 976
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After a long run up...
USDCNH breakout
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:
istantanea
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.

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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Nota
Trade going well, almost no drawdown. The price just immediately dropped as rock after posting the idea. Close to the target. Check the updated chart down below:
istantanea
Nota
Yep we got that rejection from cyan downtrendline and we are bit closer to the target. Nice!
istantanea

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