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Chart of the Day: USD/CNH

01/05/2023

Less than a minute

2023.01.05 07:22

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Forex Analytix

The reversed lower last October and rode the USD weakness. In early December we broke through an H&S formation pattern and after an S/T consolidation, we seem to be resuming the downside.

The fundamental backdrop might also be assisting the trade here with China being in the process of moving away from the zero-COVID policy and attempting social and economic activity normalization. We are currently testing the 61.8% Fib of the move from February lows to the 7.37 high and a break below it should bring us to the completion of the H&S target at 6.70. Keep looking lower against 7.02.

USD/CNH Daily Chart