USDCNH 12 Jul 2024 On the daily timeframe, USDCNH is still in a bearish trend since experiencing a trend reversal earlier this month after trying to break the resistance line. Despite this, the pair remains above the kumo cloud with a price position of 7.2750. Currently, there is an ongoing bullish candle, reinforced by the stochastic indicator showing strengthening from level 20 towards level 80. This indicates the possibility of a bullish trend reversal in the near future. Traders need to monitor price movements and other technical indicators to confirm the sustainability of the bullish trend.
