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USDCNH 29 Feb 2024

USDCNH 29 Feb 2024 on the daily timeframe. The pair appears to be moving sideways since it failed to rally after breaking out of the kumo cloud two weeks ago. Despite dropping back into the kumo cloud, the pair is again trying to rally and break out of the kumo cloud. It is currently seen that the pair is experiencing bearish signals and also occupies a price position of 7.20819. If we refer to the stochastic indicator which also appears to be overbought, it is possible that the bearish trend will continue. Therefore go-short can be an option for traders. However, if the pair is able to reverse the trend and strengthen, then go-long is an option. Keep an eye on volatile market movements before making trading decisions.

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