USDCNH, “US Dollar vs Chinese Yuan”
USDCNH is trading at 6.6875; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 6.6820 and then resume moving upwards to reach 6.7775. Another signal in favor of further uptrend will be the formation of an Inverted Head & Shoulders reversal pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 6.7500. In this case, the pair may continue falling towards 6.3105. To confirm further growth, the asset must break the pattern’s neckline and fix above 6.7305.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading at 1.2922; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2930 and then resume moving downwards to reach 1.2795. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2980. In this case, the pair may continue growing towards 1.3075.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is trading at 0.9180; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.9175 and then resume moving upwards to reach 0.9250. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.9105. In this case, the pair may continue falling towards 0.9010.
