USDCNH 30 May 2024 USDCNH on the daily timeframe, it appears that this pair has continued to strengthen since initiating a bullish trend two weeks ago. The pair rose to a price position of 7.27264 before finally bouncing down after touching the Resistance line. Despite the trend reversal to bearish, the pair is still above the kumo cloud, indicating that the long-term trend is still bullish. However, it appears that the pair is in a saturated zone due to the overbought stochastic indicator, which indicates a potential for further correction or at least a period of consolidation before the bullish trend resumes. Traders need to pay attention to the nearest support level and other technical indicators to anticipate the next price movement.
