USDCNH Consolidating Within Downtrend

٢٧ يناير ٢٠٢٣

Despite nice drop on USDCNH since start of the year, we have seen silver mostly trading sideways. However, sooner or later correlated moves will be back, possibly after wave four rally n USDCNH. Nice resistance is near 6.84. Based on timing, next week should be important for a potential further weakness, when China fully reopens after holidays. Plus, its going to be a busy calendar with CB decisions and US jobs data.

GH