Is CNH H&S Complete?
On Dec 6th, I posted a chart of the USD/CNH (US dollar vs the Chinese offshore yuan), showing a striking Head & Shoulders formation. 33 days later, the H&S formation is 95-98% complete after USD fell against all major currencies. This also coincides with 10% drop in DXY from its highs. There's that "new" saw in FX about USDCNH or USDCNY becoming the new USDJPY. Regardless, 6.78 on USDCNH represents a nearly complete H&S formation. Does that mean USD has bottomed for now? Does its coincide with a USD recovery on Thursday's release of US CPI? Or, will we see a correction during the 1-2 days before CPI, followed by fresh declines. What does it portend for any coinciding technicals with gold and indices? Here is that chart again Look where we were, and where we are now. http://ashraflaidi.com/hot-chart/dxy-cnh Several people are flying to London this week for my Private Event on Saturday at The Gherkin. Stay tuned.
Latest IMTs
-
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
by Ashraf Laidi | Jan 26, 2023 13:50
-
Another Short Long Combo in Gold مضاربة الذهب على الإتجاهين
by Ashraf Laidi | Jan 18, 2023 17:38
-
CAD on the Cusp
by Ashraf Laidi | Jan 11, 2023 16:13
-
Metals vs Energy Before & After
by Ashraf Laidi | Jan 6, 2023 12:43