On the weekly timeframe, USDCNH is seen trying to break out of the kumo cloud by initiating a bullish trend since last week. Previously, the pair experienced a bearish trend after failing to break the resistance line, which brought the price down into the kumo, reaching a price position of 7.12223. Currently, the pair is showing a trend reversal to bullish. The stochastic indicator which has shown oversold conditions reinforces the possibility that the bullish trend could continue. However, traders still need to be wary of a potential trend reversal if the bearish pressure comes back and is still strong enough.
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