FX: USDCNH Looks Technically Bearish

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ThinkMarkets > Market News > October 2019 > FX: USDCNH Looks Technically Bearish

*Bearish pressure on USDCNH from Trump's phase 1 deal
*Follow-through on phase 1 likely sees USDCNH under 7.0
*USDCNH spot price sits at the neckline of a slanted H&S formation

Following on from Trump's "substantial phase 1 deal" announced Friday, October 11, we look at the immediate ramifications on price action should there be follow-through over the next couple of weeks. If Trump and Xi are able to finalise the deal, bearish pressure on USDCNH should increase substantially.

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FX: USDCNH Looks Technically Bearish

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