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USD/CNH: a trade idea

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Trade idea

BUY 6.9175; TP 6.9450; SL 6.9050

Monday greeted traders by the risk sentiment gone bad. Concerns about the US-China trade tensions returned. Does the technical analysis offer a way to make money on this development?

Let’s have a look at USD/CNH. The pair formed a long lower wick on the W1 and returned above 100-day MA on D1. On H4, it closed above the last week’s high. As a result, we expect USD/CNH to test resistance and close the gap formed at the start of last week.

USDCNHH4.png

FBS Analyst Team

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