The monthly chart of FXCM's CHN50 CFD is showing value tendencies. It spent 12 months in its bearish channel (notwithstanding a temporary spike in June 2022), between its lower blue and red bands. The current candle is attempting to move into its neutral channel between the blue bands (green vertical rectangle). This is bullish. The monthly RSI still needs to cross above 50 into the indicator's bullish area (blue arrow). Achieving this area and maintaining it will suggest an underlying positive momentum. This is needed to take price to the bullish channel between the upper blue and red bands.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.