USDCNH 5 Jul 2024 On the daily timeframe, USDCNH seems to have experienced a trend reversal at the beginning of this month after previously continuing to strengthen until it touched 7.30669 before finally weakening and now stands at 7.28720. However, the pair is still well above the kumo cloud, suggesting that the bullish long-term trend is still dominant. However, the stochastic chart shows a sharp decline towards the 20 level, indicating overbought saturation. This could signal further potential weakness in the short term before a possible rebound or continued bullish trend. Traders should look out for support levels and reversal confirmation signals on the stochastic to make trading decisions.
