Is the USD/CNH Oversold?
The USD/CNH is a Forex pair I have been watching for a while. The bearish correlations as of recently, has me speculating that this may have been oversold. When analyzing it, here are some of my conclusions:
Now as you can see August 26th, I said it is oversold.
FXStreet also said it has been oversold, in a post done on August 27th, and even on August 7th and July 9th. Catching this have been feeling quite difficult recently. That being said, I think the resistance is about to pop.
Once this pops, I feel like it should garnish positive support. I have been long for quite a while, and I think this pair may start garnishing positive support quite soon. The panic selling have seemed like alot given the oversold indications.
Disclosure: Please keep in mind, everything I say is on an opinion based basis. This is not meant to be taken seriously or as actionable financial advice. Do your own due diligence and any trades you do is at your own risk. We are not responsible, proceed with caution and we are trying to voice an opinion not meant to warrant action. This is solely meant to be viewed as a non actionable opinion not meant to be taken as seriously or as a form of actionable advice.
