USDCNY Above the 1D MA200 and looking bullish as ever.

11 Nis

The USDCNY pair gave us an excellent sell opportunity on October 02 2023 (see chart below), as it stayed below Resistance 1 and hit our 7.1225 Target:

The price has since started to rise after hitting the bottom (Higher Lows trend-line) of the long-term Rising Wedge, and now sits above the 1D MA200 (orange trend-line), past a 1D MA50/100 Bullish Cross.

We expect a slow and steady extension of this rise, targeting 7.3500 (Resistance 2).


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