Following the PBOC's manipulation and the massive drop for two days, price is starting to slow down.
I think we will see a bottom here shortly. If we don't hit 6.7696 before Monday's close, we can anticipate a turn here.
After the week closes, we'll get more confirmation of the risks in BTC and USDCNH. It could take as long as 3 weeks to confirm upside is viable again, so let's keep close watch of this and don't miss the discount to enter the long side again.
I'll update this one as needed.
As a sidenote, it's interesting to see volatility increase in this pair, it tends to move very little compared to other FX dollar crosses. An increase in volatility and liquidity might make traders become interested in it, which would create more opportunities and potentially higher win rate signals with increased liquidity.
Cheers,
Ivan Labrie.
I think we will see a bottom here shortly. If we don't hit 6.7696 before Monday's close, we can anticipate a turn here.
After the week closes, we'll get more confirmation of the risks in BTC and USDCNH. It could take as long as 3 weeks to confirm upside is viable again, so let's keep close watch of this and don't miss the discount to enter the long side again.
I'll update this one as needed.
As a sidenote, it's interesting to see volatility increase in this pair, it tends to move very little compared to other FX dollar crosses. An increase in volatility and liquidity might make traders become interested in it, which would create more opportunities and potentially higher win rate signals with increased liquidity.
Cheers,
Ivan Labrie.
Uwaga
this is a buy signal inUSDCNY already
s3.amazonaws.com/tradingview/snapshots/h/H64ljq5L.png
Uwaga
This is a buy signal in 
USDCNY alreadys3.amazonaws.com/tradingview/snapshots/h/H64ljq5L.png
Uwaga
Acting very bullish, as expected.Uwaga
Like a rubber band...Uwaga
Bang on so far, the uptrend will resume here, I think.
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