USD/CNH Price Analysis: Bears seeking bearish environment for daily impulse to 6.7200

USD/CNH is showing signs of a bearish impulse on the daily chart during weekly accumulation phase.
Bears looking for bearish conditions to develop below the 21 moving average on the 4-hour time frame.

Ross J Burland FXStreet

USD/CNH is on the verge of a technical sell-off in what appears to be a fresh impulse developing on the daily time frame, despitethe weekly prospects to the upside.

In order to take advantage of such a scenario, it is prudent to wait for confirmation son the lower time frames, such as the 4HR chart.

The following is s top down analysis that shows both the weekly and daily outlooks.

Weekly chart

The weekly chart is correcting the 8 consecutive weeks of bearish closes.

This now gives rise to the potential of a meaningful upside correction. However, that is not to say that there cannot be any meanwhile opportunities to the downside left in this period of accumulation.

1D chart

The daily chart, however, has given enough of a correction to start looking for downside opportunities.

The price has already started to deteriorate following a deceleration of the bullish correction.

4HR chart

There is still some work for the bears to do before the environment moves from bullish to bearish on the 4-hour time frame.

Once the price is below the 21 moving average and has retested the resistance structure, bears will then have a high probability scenario to target 6.72 and below.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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