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USDCNH 18 Oct 2023

USDCNH 18 Oct 2023 on the H1 timeframe, this pair dropped quite sharply earlier today. It fell from the price of 7.32432 to reach the price of 7.30578 and then bounced up after touching S1 and the pair is now at the price of 7.31126. Experienced a trend reversal after touching S1 and is now inside the kumo cloud on ichimoku trying to go back up through R1. If referring to the stochastic indicator, which has oversold, it appears that the bullish trend will continue. Therefore go-long can still be an option for traders. But if the opposite happens, the pair is bearish again then go-short is an option. Keep an eye on the market and calculate all possibilities before making trading decisions.

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