USDCNH 8 Nov 2023 on Daily Timeframe. It can be seen that the pair is experiencing a fairly long sideways movement between the R1 and R2 ranges. Although the pair had experienced bearish at the beginning of this month and was within the kumo cloud on the ichimoku indicator, the pair has managed to survive and initiate a trend reversal. This is also reinforced by the chart on the stochastic indicator which looks to be in a saturated zone that allows a trend reversal. If the trend turns into bullish then go-long is an option. Otherwise if there is a factor that is able to influence market movement and make this pair drop through R1 then go-short is an option. Keep an eye on the market movement and calculate all possibilities before making a trading decision.
