USDCNY Channel Up extending its rise.

14 Haz

The USDCNY pair has been trading within a Channel Up pattern since the January 24 Low. Being supported by the 1D MA100 (green trend-line) during the past 3 months (since March 14), the price recently formed a 1D Golden Cross.

As a result, we expect a continuation of this textbook uptrend, aiming at a standard +0.70% rise (similar to all previous Bullish Legs of the pattern). Our Target is 7.2875, marginally below Resistance 1.

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