If The Shoe FITZ

CNH about to play catchup?

Following the sharp move lower in USDJPY resulting in a fall of nearly 6% in CNHJPY it looks like USDCNH may be about to play catchup.

 
Following the hold of the 76.4% pullback level it now looks in danger of posting both a bearish outside week and a bearish outside month on closes below 7.2606 and 7.2412. respectively.
 
This would suggest losses to at least the 76.4% pivot ay 7.0875 and if that gives way an acceleration even lower
 

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Tom Fitzpatrick

Tom Fitzpatrick

Tom Fitzpatrick, now the Managing Director of Global Market Insights at R.J. O'Brien, offers an impressive background. Originating from Ireland, his journey began at Chase Bank of Ireland, evolving through pivotal roles in foreign exchange (FX) at HSBC and Nedbank. His expertise expanded at Citibank in various global positions, culminating as Managing Director and Global Head of the CitiFXTechnicals product, delivering award-winning analysis across multiple asset classes.
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