ridethepig | CNY Market Commentary 2020.02.16
On the technicals there is little to update while the resistance holds, despite the bounce via PBOC intervention on coronavirus risk flows. The only level in play to the topside is 7.0248 as it caps the highs in the current wave. Anything above will unlock a leg towards the next barrier at 7.0733.
The coronavirus short-circuit sadly temporarily disrupted the USD devaluation / reflationary growth theme. I am still holding shorts and active looking for a test of the 6.825x. Anything below that will open the floodgates for the major break:
As usual thanks for keeping support coming with the likes and comments, we'll open up the short-term flow after the Tokyo open in the comments below for those trading live!
The coronavirus short-circuit sadly temporarily disrupted the USD devaluation / reflationary growth theme. I am still holding shorts and active looking for a test of the 6.825x. Anything below that will open the floodgates for the major break:
As usual thanks for keeping support coming with the likes and comments, we'll open up the short-term flow after the Tokyo open in the comments below for those trading live!
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