Current strength of Chinese yuan vs US dollar could soon lose momentum
USDCNH shows a classic two-leg move with a large consolidation in between.
The first leg unfolded rapidly in 2022, with the pair rocketing more than 1 yuan — from 6.30 to 7.37 — marking a huge depreciation.
That move was followed by a large, three-year consolidation, which now looks close to completing.
If leg two mirrors the distance of leg one, USDCNH could shoot past 8.00 and potentially reach 8.195.
The confirmation trigger is set at 7.224 — the peak of the most recent minor consolidation.
What could trigger such a massive yuan drop?
What’s your take? Drop it in the comments below.
USDCNH shows a classic two-leg move with a large consolidation in between.
The first leg unfolded rapidly in 2022, with the pair rocketing more than 1 yuan — from 6.30 to 7.37 — marking a huge depreciation.
That move was followed by a large, three-year consolidation, which now looks close to completing.
If leg two mirrors the distance of leg one, USDCNH could shoot past 8.00 and potentially reach 8.195.
The confirmation trigger is set at 7.224 — the peak of the most recent minor consolidation.
What could trigger such a massive yuan drop?
- -New tariffs
- -A major clash with the US
- -A sharp economic downturn
What’s your take? Drop it in the comments below.
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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.