USD/CNH technical strategy for risk off
=> What are we tracking here?
=> This is a very complex environment with major risk off flows from large funds in play last week.
=> Bears are refusing to capitulate and give the highs defending with everything they have meaning we can use the highs at 6.9586 as a line in the sand for triggering further risk-off flows, especially in the broader EM space.
=> On the political side we have the potential for the US to label China as a currency manipulator here as early as next week so this noise will provide the ebb and flow.
=> To the downside we will have to see a daily close below 6.9119 to provide some respite.
=> GL all those tracking this one or in live trades
=> This is a very complex environment with major risk off flows from large funds in play last week.
=> Bears are refusing to capitulate and give the highs defending with everything they have meaning we can use the highs at 6.9586 as a line in the sand for triggering further risk-off flows, especially in the broader EM space.
=> On the political side we have the potential for the US to label China as a currency manipulator here as early as next week so this noise will provide the ebb and flow.
=> To the downside we will have to see a daily close below 6.9119 to provide some respite.
=> GL all those tracking this one or in live trades
