USDCNH 9 Aug 2023 on the H4 timeframe. It can be seen that the pair experienced a bearish trend earlier today although it is still above the kumo cloud on the ichimoku indicator. It fell after touching R1 at 7.24362 and is now at 7.22183. Referring to the stochastic indicator, it seems that the bearish trend will continue after being overbought in the previous session. But if the pair is able to reverse the trend when the pair touches S1 and returns bullish, then go-long can be an option for traders. Otherwise, if this pair is unable to reverse the trend then the go-short position is still an option for traders. Stay alert to market movements and changes.
