Further gains ahead for USD/CNY

Technical indicators suggest further gains ahead for USDCNY, after the renminbi’s recent devaluation, according to Michael Macdonald at XATS-UK. With prices reaching 6.44, a 50% retracement from the 2010-2104 fall, the next target is 6.475, the Q3 2011 high. Beyond that resistance exists at 6.53 (the 61.8% Fib retracement) and at 6.57 (23.6% retracement of the 005-2014 fall). A fall below 6.2760 would neutralise this bullish outlook. https://xatsuk.weebly.com/

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