USD/CNH returned below 7.00

USD/CNH returned below 7.00

2019-11-11 • Updated

Trade ideas 

SELL 6.99; TP 6.96; SL 7.0050

SELL 6.9450; TP 6.9100; SL 6.9550

BUY 7.0350; TP 7.0800; SL 7.0250

USD/CNH has been steadily declining since the start of October on hopes that the United States and China would take steps towards some kind of a trade deal. As a result, the pair closed below the key level of 7.00 for the first time since early August. This level together with 7.0290 (100-day MA) will now act as resistance. As long as the price is below it, we’ll see a top at the market. Only the clear sign that there will be no deal in the upcoming weeks will push USD/CNH above 7.03 and to 7.0880 (50-day MA). 

On the downside, support is located at 6.95. Around it, there’s the line connecting 2016 and 2018 highs. The decline below this support will open the way down to 6.9090 (200-day MA). 

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