USD vs Chinese Yuan - KEY LEVEL
Price development of USDCNH is likely to set the tone for US Dollar for the entire market. As this is a sort of "Hidden dollar index" as its correlated with EURUSD .
Right now we saw dollar bounce back as we hit yearly low. Most likely it was a fakeout - piercing through the 2019 low.
If this week closes with a pinbar dollar most likely bounce back. The way chart looks now its LONG but it may change. Lets see where we close tomorrow.
We need more definite signs as there are price inefficiencies (yellow zones, illiquid rides) both directions. Price is set to fill them.
If we see accumulation below the yearly low - the drop will continue.
Top Absolute Correlation 1 Week
1 USDCNH - XNGUSD -73.9%
2 USDCNH - EURUSD -72.6%
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3 USDCNH - XAGUSD -72.6%
4 USDCNH - XAGEUR -71.8%
5 USDCNH - EURJPY -70.5%
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6 USDCNH - XAGAUD -70.1%
7 USDCNH - USDSGD 69.5%
8 USDCNH - USDPLN 69.1%
9 USDCNH - NZDUSD -68.7%
10 USDCNH - USDCAD 68.4%
Right now we saw dollar bounce back as we hit yearly low. Most likely it was a fakeout - piercing through the 2019 low.
If this week closes with a pinbar dollar most likely bounce back. The way chart looks now its LONG but it may change. Lets see where we close tomorrow.
We need more definite signs as there are price inefficiencies (yellow zones, illiquid rides) both directions. Price is set to fill them.
If we see accumulation below the yearly low - the drop will continue.
Top Absolute Correlation 1 Week
1 USDCNH - XNGUSD -73.9%
2 USDCNH - EURUSD -72.6%
-----------------------------------------
3 USDCNH - XAGUSD -72.6%
4 USDCNH - XAGEUR -71.8%
5 USDCNH - EURJPY -70.5%
----------------------------------------------
6 USDCNH - XAGAUD -70.1%
7 USDCNH - USDSGD 69.5%
8 USDCNH - USDPLN 69.1%
9 USDCNH - NZDUSD -68.7%
10 USDCNH - USDCAD 68.4%
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