Forex: USD/CNY has upward pressure

The market has just now moved above the high of two weeks ago. Short term indicators have implied upward pressure and that is now occurring. A close above resistance in the R1 zone will target resistance at R2.

USDCNY Current price 6.8256.

EMA 20 – this short term moving average is flat.


USD/CNY chart as at 19 November 2008 using NextVIEW Advisor

TECHNICALS
R1 – 6.8174 -6.8404
R2 – 6.8700

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Article and Commentary by Don Schellenberg. A trader and trading coach, he is a noted expert on Market Structure, Elliott Wave and Fibonacci. He trades the forex market.