Technical analytics

USDCNY market technical outlook

Daily chart:

Market switched to steady flat. The pair is being traded in the stable horizontal channel 6.850-6.902 (Bollinger bands) on the back of completely “turned off” ADX.

H4-chart:

Local horizontal channel within Bollinger bands (6.866-6.884) also signifies probable continuation of flat tendency.

H1-chart:

Intraday trading dynamics is very weak also, that makes opening trades unreasonable. We expect further flat in the 6.871-6.884 range.

Expectations:

Flat in the 6.871-6.884 range.

Trading recommendations: Absent.

 

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