Forex Trading: USDCNH Trading On Trendline
After breaking through some resistance the USD rally stalled and we saw the USDCNH move lower with some help from the Bank of China. If one believes that China’s economy has hit the skids and bubbles are about to burst, a lot of easing could be on the horizon out of China that could propel the pair back higher. Currently it is pressing against what was developing as trendline support and perhaps a break back into the channel could prove bullish in the short-term.
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