USDCNY May Reach 6.67 before Election on Nov.9th
Long time no see.
I haven't posed an idea for a long while cause my trading strategy has been changed significantly in last few year.
Since the beginning of 2020, I stopped trading forex and gold/silver, instead, I have been trading Index, such as SPX/NSX/DJI and Crude Oil only.
Combining many data and information, I assume the current strategy of the Federal will remain on the same path till the Election.
Moreover, the covid-19 has made huge impact to the global economy and the U.S. especially, which can be reflected on the index and stock market during March to April this year.
However, before the economic data resume itself, the stock market has almost recovered or already recovered all the loss so far. so how possible it could turn in bearish when there are more and more positive news coming out in the rest of year?
As known to all, when the stock market goes up the dollar usually goes the opposite way. Consider to the federal's action this year, infinity QE, buying debts, cooperate bonds issued, there is no reason that dollar could stay strong and it did fall down dramatically for last few month, which reflected on almost every currency pairs.
Now we take a look at the chart for USDCNY, opening a Day Chart and there are some clearly support/resistance price you can point out.
6.66 to 6.68 is the closest area it may reach soon.
When I add the time line of Nov.9th and date&price rages, it's very likely that price touch 6.67 by the election technically.
After Donald Trump getting his four more years, the strategy of Federal may change and the stock market could reach a new high by then which requires a deep fall and the dollar will come back after that.
Yeah, Donald will probably win the election. Sadly.
I haven't posed an idea for a long while cause my trading strategy has been changed significantly in last few year.
Since the beginning of 2020, I stopped trading forex and gold/silver, instead, I have been trading Index, such as SPX/NSX/DJI and Crude Oil only.
Combining many data and information, I assume the current strategy of the Federal will remain on the same path till the Election.
Moreover, the covid-19 has made huge impact to the global economy and the U.S. especially, which can be reflected on the index and stock market during March to April this year.
However, before the economic data resume itself, the stock market has almost recovered or already recovered all the loss so far. so how possible it could turn in bearish when there are more and more positive news coming out in the rest of year?
As known to all, when the stock market goes up the dollar usually goes the opposite way. Consider to the federal's action this year, infinity QE, buying debts, cooperate bonds issued, there is no reason that dollar could stay strong and it did fall down dramatically for last few month, which reflected on almost every currency pairs.
Now we take a look at the chart for USDCNY, opening a Day Chart and there are some clearly support/resistance price you can point out.
When I add the time line of Nov.9th and date&price rages, it's very likely that price touch 6.67 by the election technically.
After Donald Trump getting his four more years, the strategy of Federal may change and the stock market could reach a new high by then which requires a deep fall and the dollar will come back after that.
Yeah, Donald will probably win the election. Sadly.
Comment:
Warning. The US dollar was falling so fast that makes me wonder if the stock market does not have much time to remains it's height. It could be a huge drop after few weeks from now.
Comment:
Target reached
Nothing but dust
But this make it looks more possible that price could hit 6.67 by then.