การวิเคราะห์ทางเทคนิค

USDCNY market technical outlook

Daily chart:

Our forecast of the pair’s growth made last week has panned out completely. And as we see the upward potential isn’t exhausted yet - break of upper Bollinger band has taken place once again being an attribute of continuation of the quotes’ growth.

We should acknowledge highly overbought conditions as well, therefore a scenario of prior correction also exists.

H4-chart:

We note strong dynamic support at the area of middle Bollinger band (6.837). At the moment this level is of most interest as buy zone.


H1-chart:

Locally a contraction of trading range is in progress within Bollinger bands (6.867-6.883), where prior trading is likely before an upward momentum (watch the black arrow).

But scenario of testing of the support 6.837 looks more preferable - this would allow to ease overbought conditions somewhat (watch the red arrow).

Expectations:

Main scenario: Decline to 6.837 and then growth in direction 6.969.

Alternative scenario: Flat in the 6.867-6.883 range with following upward momentum in direction 6.969.

Trading recommendations:

Longs from the 6.837 level towards 6.969.