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USDCNH: Sideways until the end of October?

Weekly ended a trend recently, starting a consolidation period, as it has done since it bottomed this year like I anticipated. Upside movement in this pair is likely tied to money flowing outside of China via Hong Kong, which is also linked to money flows towards to dodge capital controls possibly.

The next upswing in this pair hasn't yet confirmed, and it could take a few weeks to occur, which the last Timemode trend signal predicts will possibly happen by the end of October. The weekly has formed a new 8 week accumulation level up here (see cyan boxes), so it could flash a buy signal as soon as there is a rapid upside move in this timeframe, from next week onwards...

I'll keep an eye on this very critical pair, the current situation in Hong Kong is bound to create some shockwaves in the currency markets, and possibly crypto I think. Let's wait and see...I'm currently short , waiting for it to bottom, this pair might be a good indicator for that.

Cheers,

Ivan Labrie.

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Some strength in #USDCNH today, might coincide with a bout of strength in #Bitcoin here as well:

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Given risk off moves today, is climbing, if it moves over 7.16343 the weekly signal will be active ahead of schedule. Might be a good signal for #Bitcoin, and also a good FX trade.

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The bullish signal triggered but immediately failed, so, this market is sideways as anticipated...November will be a key month, for crypto and the chinese Yuan.

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