In the final 2015 markets video we discussed a trade setup on USDCNH -- the US dollar/offshore Chinese yuan exchange rate -- that is illustrated below. It involved entering at the orange line with a stop at the red line and a target at the greenline. That trade clearly would have worked out well, as the target profit has already been hit.
And there may still be room left to go, as resistance is not anywhere in sight. If we zoom out to a monthly chart of USDCNY -- the US dollar vs the onshore Chinese yuan -- we have to zoom out to the monthly chart and go back to 2010 to find a resistance level of interest. Moreover, that resistance level is still 3% away.
And there may still be room left to go, as resistance is not anywhere in sight. If we zoom out to a monthly chart of USDCNY -- the US dollar vs the onshore Chinese yuan -- we have to zoom out to the monthly chart and go back to 2010 to find a resistance level of interest. Moreover, that resistance level is still 3% away.
Yuan Freefall Continues, Resistance is Still 3% Away
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