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Dollar-Yuan has jumped by 12% from the March lows up to the October high, and this is a theme that has a bit of political importance as it speaks to the continued rift around tariff discussions. The pair has a multi-year high of 6.9875, and the Yuan was fixed-higher in early November as the pair inched closer to a re-test of that level.
As these multi-year highs come closer to being in play, the matter becomes more attention-grabbing as it carries indications of trade tensions between China and the US; carrying with it more media attention into an already pensive situation, and this seems like a scenario that the PBoC might want to avoid, at least for now.
This can open the door to reversal setups in the pair, with stops located above the 6.9900-handle to get risk levels above the multi-year high, along with initial targets set to 6.9000 and secondary targets towards the early-November low around 6.8500.
A bit of turbulence has begun to show in USD/CHF as the pair battles around a key area of resistance at 1.0071. This is the 23.6% Fibonacci retrenchment of the 2016-2018 major move in the pair, and this is the same level that helped to mark the high in July of this year before a bearish reversal came into play.
The bullish advance in USD/CHF has been going for a month-and-a-half now, and this level of resistance has helped to cap the highs for the past week-and-a-half. This can open the door to reversal setups with stops lodged above the 1.0150 level, and initial targets set towards .9950.
Secondary targets can be directed towards the Fibonacci level at .9902. And if the setup does show strong reversal potential next week, additional exits could be plotted around .9850 and then the support zone from .9750-.9767.
Are you looking for longer-term analysis on the U.S. Dollar? Our Daily FX Forecasts for Q4 have a section for each major currency, and we also offer a plethora of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.
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