USDCNH 6 Oct 2023 on the weekly timeframe. It can be seen that this pair is still ranging between R1 and R2 after previously trying to break R2 but falling back down. Still above the kumo cloud on the ichimoku indicator, also reinforced by the chart on the stochastic indicator, shows that the bullish trend may still continue. Right now the pair is sitting at 7.31100, if the bullish trend continues to breach R2 then go-long is still an option. But if something happens that might cause a trend reversal then go-short can be an option. Stay alert to market volatility and trade with your own risk.
