USD/CNY Trend Down
Eddie Tofpik | Feb 02, 2018 07:24
I thought I'd include the USDCNY for three reasons:
- It is a good market to chart
- I'd like to include it in my new role as Head of Technical Analysis and I thought it would be of interest to viewers, readers
- That often maligned, frequently made fun of Pattern - the Vomiting Camel - is actually on this Daily Chart above. Initially seemingly a joke, the VC Pattern, a Bearish Patter; has showed up more often that many would care to accept.
I have contracted the timeframe as much as I could to show the pattern of the Dromedary, its Hump/Humps and the drooping Neck with the Head formed over most of Q4 2017 plus the subsequent action. Next time I will show greater detail to the immediate term but for this instance I'd just like to show one of the most unusual and interestingly named Patterns out there...in this case a definite Bearish one!
Support is currently at 6.2797, 6.2494 and 6.2109.
Resistance is currently at 6.3158, 6.3551, 6.3646, 6.3917, 6.4162 (dynamic), 6.4353 and 6.4822.
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